Tuesday, November 8, 2005
Headlines--- Welcome New Readers ######## surrounding the article denotes it is a "press release"
Welcome New Readers
While most who read Leasing News go to the web site first, many still join our mailing list. Our goal is to print daily from Monday to Friday, but most often it is only three or four times a week, so when you are on the mailing list, you are informed that the new edition is available. We go to "press" when we think there is enough equipment leasing news to do so. Readers on our mailing list also get notices of major events from time to time. We welcome the new readers and hope you enjoy and find informative Leasing News. Subscription is free. Please ask a colleague to subscribe. -------------------------------------------------------------- Classified Ads- Collector/Controller/Contract Administrator Collector Collector: Boston, MA . Collector: Jacksonville, East Brunswick, FL. Controller Controller: Seattle, WA Controller: Southeastern, MI. Controller: Uniondale, NY Contract Administrator Contract Administrator: New York, NY. Contract Administrator: Portland, OR. For a full listing of all "job wanted" ads, please go to: http://216.66.242.252/AL/LeasingNews/JobPostings.htm To place a free "job wanted" ad, please go to: http://216.66.242.252/AL/LeasingNews/PostingForm.asp ### Press Release ########################## QUIKTRAK MOVES MATT HENNESSEE TO INDEFINITE ADMINSTRATIVE LEAVE Beaverton, Ore. - November 7, 2005. Today, QuikTrak Board of Directors unanimously voted to place Matt Hennessee on indefinite administrative leave status from his position as president, CEO and director. The move was prompted by personal issues of which company officials had been unaware prior to this past Friday, November 4, 2005. Greg Froomer, a QuikTrak senior vice president and company co-founder, has been appointed interim president and CEO. "Matt Hennessee has led QuikTrak during his six-and-one-half year tenure. However, the recent developments concerning Mr. Hennessee's personal issues - about which we learned for the first time on Friday morning - have caused us great concern as they relate to integrity, a value which is core to QuikTrak and our culture," stated Donald Froomer, QuikTrak chairman and company co-founder. (Full story are reported in Monday's edition :) http://www.leasingnews.org/archives/November%202005/11-07-05.htm#abuz About QuikTrak QuikTrak is the leader in providing technology-based inspection and inventory auditing services for financial institutions, manufacturers, and leasing firms throughout the U. S., Canada, and internationally. Utilizing a network of over 1500 inspectors worldwide, QuikTrak is able to provide the industry's fastest, most accurate and reliable service. Founded in 1991, QuikTrak offers services to many of the world's leading financial institutions, including several Fortune 500 companies. Headquartered in Beaverton, Ore., the 15-year old company employs 75 Oregonians. ### Press Release ########################## ------------------------------------------------------------- Loans without Income Proof Debut in Small Business Deal ABSnet A recently completed small business loan securitization was the first to include loans that don't require proof of income. The $312.3 million Lehman Brothers Small Balance Commercial 2005-2 deal, closed Oct. 28, included a 12% concentration of these loans. Future deals may increasingly include the loans as the line between small business owners and individuals blurs, according to Weili Chen, director in Standard & Poor's new assets group. Chen pointed to a couple of factors driving the change. "Number one, the income review is expensive and number two, at [the small business loan size] lenders think personal credit is more important," he said. The deal's average loan size was $800,000, and the top three industries were business services, manufacturing and wholesale trade. Exactly how large a component of future securitizations no-income loans will become remains to be seen, but market participants are optimistic. "Now that one deal has been done successfully, I suspect it will open up the spigots for others," said Barry Reiner, ceo of Bond Street Capital, a West Palm Beach, Fla.,-based firm that originates small business loans. -------------------------------------------------------------- Popular Leasing Wins Motion "Not to include NorVergence" "The Circuit Court of St. Louis County granted Popular Leasing's Second Motion for Reconsideration of the court's previous order regarding joining NorVergence as a party. In light of the bankruptcy proceedings involving NorVergence in New Jersey, the St. Louis court found "that NorVergence has no interest relating to the subject of the action [in Missouri] and is not, therefore, a necessary and indispensable party." In short, the St. Louis court agreed with Popular Leasing that Popular does not have to bring NorVergence into the ongoing cases. The court order only applies to the "attached list" of cases referenced in the order. Unfortunately, I have not received a list of those cases. I requested and received a copy of the order from Popular Leasing's counsel after my review of the file at the courthouse did not reveal any order on the second motion for reconsideration. Although I wish the court would have denied Popular Leasing's Second Motion for Reconsideration, I do not view it as a major setback. The Circuit Court has already dismissed a large number of Popular Leasing's lawsuits for lack of personal jurisdiction and will be conducting a hearing on November 14 to determine whether to dismiss another large number of cases. The cases that were previously dismissed were those in which the defendants had no contacts with the State of Missouri and the Equipment Rental Agreements were signed on behalf of NorVergence by NorVergence V.P. Edward Lucas. The court will next decide whether to extend the first dismissal order to cases in which the defendants had no contacts with the State of Missouri and the Equipment Rental Agreements were signed by a Popular Leasing employee on behalf of NorVergence. I believe there is a good chance that the court will rule in the defendants' favor after the November 14 hearing, because it would be unfair for a court to hold that when Party A agrees to enter a contract with Party B and, unbeknownst to Party A, Party B allows Party C to sign and accept the contract, Party C's mere signing of the document in Missouri justifies haling Party A into court in Missouri. If that were the law, inconvenient for a like Hawaii and Alaska might become litigation havens. Ronald J. Eisenberg, Esq. http://leasingnews.org/PDF/Popular_Leasing_Order.pdf -------------------------------------------------------------- Classified Ads---Help Wanted Administration Manager
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These ads were designed by Maria-Martinez Wong. Let her construct and design your ad with the goal to keep your costs down. ------------------------------------------------------------- Top Stories--- October 31-November 4
These are the top ten stories most "opened" by readers last week. (1) ELA Holds Firm on Conference Cancellation Policy ---- Fleming to Retire http://www.leasingnews.org/archives/October%202005/10-31-05.htm#ela (2) Impact of the three Hurricanes on the Leasing Industry http://www.leasingnews.org/archives/November%202005/11-02-05.htm#impact ( 3) Ira Romoff: Sovereign Buys Independence Bank http://www.leasingnews.org/archives/November%202005/11-02-05.htm#ibc (4) SunBridge Capital joins the "Funder" List http://www.leasingnews.org/archives/November%202005/11-04-05.htm#funder (5) Exclusive Interview with Gary H. Souverein, Pawnee Leasing http://www.leasingnews.org/archives/November%202005/11-04-05.htm#gary (6) Two New Healthcare Equipment Leasing Studies Provide Comprehensive Overview and Details of Healthcare Financing Marketplace http://www.leasingnews.org/archives/October%202005/10-31-05.htm#health (7) Alco Leasing Joins the "Funder Only" List http://www.leasingnews.org/archives/October%202005/10-31-05.htm#funder (8) Sales Makes it Happen---"The New Sales Professional " http://www.leasingnews.org/archives/November%202005/11-02-05.htm#sales (9) Illinois courts dismiss IFC suits v. NorVergence customers on jurisdiction and res judicata grounds http://www.leasingnews.org/archives/November%202005/11-04-05.htm#ifc (10) ELA may Return Portion of Boca Raton Registration to Non-Attendees http://www.leasingnews.org/archives/November%202005/11-02-05.htm#ela ---------------------------------------------------------------
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Odds and Ends---
NAELB Now number 702 Members 2005 NAELB Board of Directors
"NAELB (National Association of Equipment Leasing Brokers) Regional Conference here in Atlanta Nov. 4-5 had about 160 attendees and over 75 were "funders?". Mostly super brokers pretending to be real funders. Most were looking for B, C and D level credits. They looked like dogs waiting under the table for scraps. Heather Von Bargen announced at Saturday's lunch that we had 695 members so she gave a special deal to join so we were at 702 members when the conference ended. Headlines---NAELB breaks membership goal of 700 members" (Leasing News Advisory Board member Fred St. Laurent is compiling a full report. This does not come from him, but another reader, and it is abbreviated. Editor ) --- Another Sierra Cities????
from the archives: Former Sierra Cities/First Sierra founder Thomas J. Depping and now chief funder raiser for Main Street Bank in Texas, is reportedly actively seeking acquisitions. Allegedly he is offering a little cash upfront and the right to buy stock at the "founders" price with the statement that the real payoff will be in 4-6 years when Main Street goes public. Leasing News hopes to have an interview with Mr. Depping about the growth of Main Street. --- Barry Drayer-R.W. Professional
Speaking of sierra Cities/First Sierra, Depping's old time friend Barry Drayer of RW Professional, one time master of the medical lease, under house arrest the last few years for what prosecutors described as nationwide bank frauds that could total $200 million, has reportedly filed personal and business bankruptcy. This has not been confirmed, nor has it been proved in a court of law that that Lease payoffs were never returned to the bank, a good number of leases were double-dipped, and others did not exist at all, it is claimed. Prosecutors said that the company, the RW Professional Leasing Corporation, concocted elaborate schemes using up to 100 rented mailboxes as far away as California to send phony checks, sham invoices, bogus leases and other false documents to banks in various states. Based on those documents, the banks lent RW millions of dollars to buy equipment and lease it out, prosecutors said. The alleged schemes included multiple loans from different banks for the same medical equipment and loans for equipment that was never bought or leased, prosecutors said. American Express Business Finance and a group of community banks also have a $30 million law suit pending the outcome of this trial. The actual man behind the scenes was allegedly Barry Drayer, who reportedly had a similar problem with Old Kent Funding, CIT Financial, and Sierra Cities. As last reported, http://www.leasingnews.org/Conscious-Top%20Stories/RW_update12.htm, the October 25 trial was postponed when the lead prosecutator was replaced as he evidently moved on to a better job. An inside source says that everyone but Barry Drayer and Steve Barker had taken a plea bargain deal. Supposedly even Barry Drayer's sister, Rochelle Besser, the "dummy" president of the company, has agreed to testify against him. Insiders keep saying that the delay is his old trick of stalling, waiting for witnesses to change, prosecutors to move on, and everyone to just get too tired to pursue. The problem here may be he is now out of "chump change," even having to endure a public defender (his second one, too, as the case goes on and on, since June 20, 2001.) ---
"Every week one of my lessee's, or vendors, tells me a story of a broker who lied re: the rate, tricked them with the residual, etc.... They are almost always in So. Cal - recent companies have been; ******, *******. ******. *******.... Can something be done?? Maybe an article from you would be helpful?? This deceptive practice hurts us all!! "Feedback??" (It is true, the great percentage of complaints do come from companies in Southern California, primarily Orange County area, and they make the complaint bulletin list or alert list. Also, we resolve many complaints with such Orange County companies, including some major ones, too. Leasing News has written about the Southern California, specifically the Orange County phenomena, and the main feedback we received was from the good guys located there: not to "red line" the geography. Any legitimate complaints should be forwarded to Leasing News. We will contact the lessee, get their side, and then confront the leasing company. We do not shy away from investigating them as holding of deposits or advance rentals is definitely is not good for the leasing business at all. Editor) --- "This seems like the most information packed issue of Leasing News I've ever seen. In particular, I think a lot of people will benefit from the downloadable forms and the "Top 10" articles access is a great idea as well. Congrats on a job well done." Regards, Ken Kenneth D. Goodman, CLP (Thank you for the compliment, and perhaps as important, taking out a banner ad. We appreciate the support. Editor )
--------------------------------------------------------------- CIT Quantifies Exposure to Independence Air, Inc. NEW YORK, -- CIT Group, Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, disclosed its current financing relationship with Independence Air, Inc. Today, Independence Air, with its corporate parent, Flyi, Inc., announced that the airline, Flyi and certain of their respective affiliates had filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Under existing lease agreements, Independence Air has operating leases on four recent vintage, CIT-owned aircraft. CIT's total exposure is approximately $135 million. Management believes, based on its current assessment of lease equipment carrying values and Independence Air's credit exposure that the Independence Air filing will not have a material adverse impact on our financial results. About CIT: CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City and Corporate Offices in Livingston, New Jersey, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com . SOURCE CIT Group, Inc. ### Press Release ########################## Lease Corporation of America
Lease Corporation of America has received approval from the State of Utah and the Federal Deposit Insurance Corporation to form LCA Bank Corporation. According to John B. Kemp, Chairman of the Board of Lease Corporation of America, the bank will provide a stable source of funding to supplement Lease Corporation of America's traditional funding sources. Timothy V. Talbert, currently a senior vice president with Lease Corporation of America, will be president of the bank which will be located in Park City, Utah. Based in Troy, Michigan, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions since its inception Lease Corporation of America, founded in 1988, is a private multi-million dollar full service commercial leasing company providing financial solutions for distributors and manufacturers of equipment, funding for a select group of equipment lease brokers and delivering quality assets to financial institutions and other investors throughout the United States. Since its inception, Lease Corporation of America has funded in excess of $405 million of equipment leases involving more than 45,000 transactions. For more information about LCA Bank Corporation, please contact Senior Vice President Timothy V. Talbert at (248) 743-5192 or (800) 800-8098 ext. 5192 ### Press Release ########################### LeaseTeam, Inc. Announces Lease Sales Manager One 2.8 Upgrade
Omaha, Neb. -- LeaseTeam, Inc. has introduced a major upgrade of its Lease Sales Manager One product. Lease Sales Manager One is a Web-based, front-end automation solution which allows equipment finance companies of all types to streamline processes and improve performance. The latest upgrade, which is free to existing customers, offers a number of enhancements to increase operating efficiency, including an improved navigational framework; streamlined document generation and management; and more flexible work queue and database querying tools. To learn more about LeaseTeam products, please call a Business Development Manager at 800-531-5086. LeaseTeam, Inc 4139 S. 143rd Circle ### Press Release ########################### JCB Finance Company Chooses Front-End Application System From Vision Commerce Savannah, GA - JCB Finance Company, the retail finance subsidiary of JCB Inc., has successfully installed a web-based front-end application system from Vision Commerce. JCB, Inc., headquartered in Rocester, Staffordshire, UK manufactures over 180 models of machinery serving the construction, agriculture and ground care industries in more than 150 countries over 4 continents. Based in Savannah, JCB Finance processes applications from its network of distributors across the United States. Using a business model introduced in January, 2004, it matches a customer's credit quality with six (6) national scope funding sources to ensure the highest possible level of credit acceptance in the fastest time. This system will help JCB Finance improve their transaction processing speed and create efficiencies throughout its operations. Tony Whitehurst, General Manager at JCB Finance, says "The company selected Vision Commerce for its ability to streamline front-end processes, improve internal efficiencies, and to enhance services to its distributors and customers. The automation of the application process, combined with system generated e-mail and paper based communications has led to dramatic improvements in service quality. This has been particularly important as the last 2 years have seen sales of JCB equipment outpace the growth in the construction equipment market in North America. JCB Finance needed a system that had multi-tasking functions. Users can work in several applications simultaneously without having to save data first. Also, it provides a true customer master record, assuring the most recent information is available. Vision was chosen for their responsiveness and ability to tailor their system to the demands of our business model. JCB Finance believes that continuing to work with Vision will allow it to make further improvements to their service and assist them in their quest to be a true sales aid to JCB and its network of distributors." Linda Lundergan Vision Commerce, Inc. ### Press Release ###########################
News Briefs---- Consumer credit shows slight drop in September http://www.usatoday.com/money/economy/fed/2005-11-07-credit_x.htm Newspaper Daily circulation Down 2.6% http://www.nytimes.com/2005/11/08/business/media/08paper.html?pagewanted=all Herald's circulation declines Daily figures fall 4%, Sunday sales off 14% at struggling tabloid http://www.boston.com/business/articles/2005/11/08/heralds_circulation_declines/ Gasoline prices drop for fifth straight week http://www.signonsandiego.com/news/business/20051107-1356-gasolineprices.html Holiday blitz begins early http://www.boston.com/business/articles/2005/11/08/holiday_blitz_begins_early/ ---------------------------------------------------------------
You May Have Missed ROYAL VISIT TO THE BAY AREA A green day by the bay for royals Couple see organic garden in Berkeley; attend events in S.F. http://sfgate.com/cgi-bin/article.cgi?file=/c/a/2005/11/08/PRINCE.TMP Beach Blanket' blows away royal couple http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/11/07/MNGH0FK7641.DTL ---------------------------------------------------------------
Sports Briefs---- Colts 40, Patriots 21 http://www.boston.com/sports/football/patriots/articles/2005/11/08/ Boston Globe Reiss's Pieces-after the game http://www.boston.com/sports/football/patriots/reiss_pieces/ Eagles say Owens won't return this season http://www.ajc.com/news/content/news/stories/1105/07owens.html Eagles-T.O. saga had to end badly-Philadelphia Daily News http://www.philly.com/mld/philly/13108108.htm ----------------------------------------------------------------
California News Briefs--- Up-Hill Battle for the Terminator ----------------------------------------------------------------
"Gimme that Wine" Delia Viader of Viader Vineyards in Deer Park, who lost practically all her wine, including her 2003 cabernet sauvignon and cabernet franc blend. http://www.nytimes.com/2005/11/02/national/02vallejo.html?pagewanted=all http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2005/10/27/WIGV7FE0U91.DTL Wine Compound Attacks Alzheimer's Agent Sensors provide fast sample analysis for wine makers 100,000 BOTTLES OF NOVELLO WINE OPENED EACH DAY IN ITALY ---------------------------------------------------------------
Restaurant Review Dizz's As Is This is the "in" restaurant in Laguna Beach, where all the locals make it a habit (they pronounce the name of the restaurant with two syllables: Diz-iz's), plus celebrities...and weekends it is always packed. During the summer, you better know someone to get a table. Or be ready to stand at the bar for over an hour or more to get a table. I don't think they take reservations, but you can try. But you can get lucky by going early, or late. Parking is horrible. You will be lucky to get a spot on the highway, let alone a side street. The restaurant is the combination of two houses on the corner lot and hasn't changed since the father started it many years ago, in the forties. The menu hasn't changed much either, and the desert is still the best you have ever had ( you will find out when you go here.) The menu is old fare, old style, with courses explained in plastic individual folders passed to all when you arrive. The table cloth is plastic with movie star pictures below (most have come to the restaurant.) You choose the main course and it is like "price fix" menu with first house-made pate and a glass of vermouth. Once seated, the service is excellent, run by the son, who when you get to know him will tell you the kitchen crew hasn't changed in years (they have a generous IPO and salary), and when the last chef retired, they bought him a house. (my in-law is a Laguna Beach real estate agent and we never have a reservation, but get seated every time we arrive with her and her husband.) The food is fantastic. Real down home, old style that you never tire. While there are some top and expensive restaurants in this beach town, "Diz's As is" certainly is my favorite. ----------------------------------------------------------------
Today's Top Event in History 1993 - Microsoft Windows for Workgroups 3.11 was released. The operating system boasted improved support for NetWare and Windows NT, and slipped in numerous architectural changes to improve performance and stability (changes that later found their way into Windows 95). ----------------------------------------------------------------
This Day in American History 1519- After landing on the Yucatan peninsula in April, Spaniard Hernan Cortés and his troops marched into the interior of Mexico to the Aztec capital and took the Aztec emperor Montezuma hostage. Going against the governor's orders, he took 800 Spaniards on eleven ships, landing on what is now Vera Cruz on the east coast of Mexico., Marching to meet the Aztecs, he persuaded thousands of Indians to join his forces. He had horses, muskets, pistols, steel swords, and armor. The Indians thought he was from God, or maybe he was God. His military triumphs led to 300 years of Spanish domination of Mexico and Central America. He brought horses to our continent (more on that when we write about Coronado ) and his troops were the first to "invade" what is now the United States, actually exploring parts of what we now call New Mexico. In one village, after an uprising against their visit, he cut off the right foot of every male adult so they would not attach them again. ------------------------------------------------------------- American Football Poem Man in the Glass ( The poem Bill Parcells is reportedly read often to his players on Monday ) When you get what you want in your struggle for self For it isn't your father, mother or wife Some people may think you're a straight-shootin' chum He's the fellow to please, never mind all the rest You may fool the whole world down the pathway of life
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