Wednesday, November 28, 2007
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Overland Park, KS (Looking to buy or sell lease portfolio? 20+ year lease consultant specializing in portfolio placement. Free initial consultation. References available on request. To place a free “job wanted” ad here, please go to: -------------------------------------------------------------- Welcome New Readers—Two New Extra’s
If you are on our mailing list, you will receive not only the News edition, but if there are breaking stories, Leasing News will have an “Extra.” On Monday, there were two Extra’s. All Leasing News editions are posted at www.leasingnews.org. We welcome new readers and hope you ask your colleagues to join our mailing list. It is free.
-------------------------------------------------------------- Up-Date on NetBank liquidation
As reported in an extra on Monday, looks like LEAF Corporation purchased NetBank Business Finance just in time. A FDIC spokesman said they had received three sealed bids. Here is the FDIC bid page:
As far as the Commercial Money Center portfolio that NetBank purchased, that was in litigation regarding insurance of the portfolio, Illinois Union, Safeco Insurance Company of America (“Safeco”), and Royal Indemnity Company, but there are appeals and issues evidently still going on. With the news that stockholders will get nothing in the liquidation, many friends and relatives of NetBank, including present employees at NetBank Business Finance are very unhappy. There are also several class action suits going on and this now will go to a bankruptcy hearing for a trustee to sort out. It may be another four to five years. The falling price of homes, the growing defaults on mortgages, may claim other financial institutions. It certainly has added to the unemployment roles. NetBank had had $2.5 billion of assets and $2.3 billion of deposits as of June 30, the FDIC said. It was the largest U.S. bank to fail since 1993, when Western Federal Savings and Loan, a unit of WestFed Holdings Inc of Marina Del Rey, California, went into receivership. There have been other smaller bank failings. A FDIC key employee told Leasing News they may be quite busy in the next twelve months.
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Reportedly on the market for quite some time, LEAF Financial Corp. has agreed to buy the Dolphin Capital Corp. equipment finance business from Lehman Brothers Bank for about $167 million. LEAF recently has purchased Pacific Capital Leasing for $280 million and NetBank Business Finance for $430 million and appears interested in several other companies. According to the Resource America, parent company of LEAF, “Under LEAF, Dolphin will continue its Missouri operations which are expected to originate in excess of $100 million of additional lease assets for LEAF investment vehicles in fiscal 2008. With the addition of Dolphin, LEAF's assets under management will increase to nearly $1.7 billion and its annual origination capacity to over $1 billion. Crit DeMent, Chairman and Chief Executive Officer of LEAF, said, “ We believe that over the last year we have become one of the largest independent commercial finance players focused on the small and middle ticket equipment leasing business because of our unique ability to take advantage of opportunities such as this." Look out GE, here comes LEAF. “LEAF Financial Corporation is a commercial finance and asset management company headquartered in Philadelphia, PA. LEAF's business model is to originate small to middle ticket equipment leases and loans in a variety of asset classes through five strategic business units. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles. LEAF Financial Corporation is a subsidiary of Resource America, Inc. (NASDAQ: REXI). LEAF was advised on this acquisition by Fairview Advisors, LLC. “
-------------------------------------------------------------- Operation Lease Fleece "Information" Explained
Is he a criminal attorney? Yes, very. An old joke, for sure. The FBI sting called Operation Lease Fleece has caught 23 so far from perhaps ten difference companies in lease fraud. No need to use the word "alleged" here, as all 23 have pleaded "information." All 23 will be going to jail (in part), some longer than others, paying fines, penalties, and of course, there will be civil court cases, most likely from the banks and finance companies, as well as lessees and others who may or may not be also named by the FBI. Leasing News is also told there are more to be named. Leasing News hopes to have a full inside report on what happened and how. In the meantime, Paul Bent, a well-known attorney and mediator, was asked to explain what the word "information" means that the FBI obtained from the 23 arrested. From Paul Bent: In California criminal charges can be brought either by indictment or by information, the important difference between the two being the presence (or absence) of a grand jury. If a prosecutor chooses to take a case to a grand jury (which is a group of civilians in each county who volunteer to serve in this capacity), it is the grand jury’s job to decide whether or not the charges are reasonable and supported by the evidence. (They don’t, of course, decide anything about the guilt or innocence of the defendant.) In a grand jury proceeding, evidence is presented by the prosecutor through exhibits and testimony of witnesses (under oath or affirmation) but no defense may be made by the defendant, and the defendant is not entitled to be represented by counsel. The grand jury then decides whether or not there are sufficient grounds for the charges, and if so, an indictment is issued (or “handed down”). The indictment is the statement of charges or accusations that form the basis for the actual criminal trial. At trial, of course, the defendant is represented by counsel and the case is (usually) heard by a trial jury (not to be confused with a grand jury). If a prosecutor chooses not to take a case to a grand jury, then the charges are instead presented by the prosecution in the form of an information (or a “criminal information”). This document, like an indictment, states the specific charges against the defendant. However, since no grand jury (or any other neutral person) has heard any evidence or decided whether there are reasonable grounds for the charges, then before there can be a trial on the charges the information is taken to a judge (or magistrate) to make a determination of “probably cause” for the charges. This is done in the form of what you may have heard referred to as a probable cause hearing or a “preliminary hearing.” At this hearing the prosecutor presents evidence and testimony to show that the charges are reasonable and have a basis in fact (i.e., they’re not simply based on the whim or the bias of the prosecutor). The defendant may be represented by counsel at this hearing and may offer evidence rebutting the prosecutor’s charges; but it is not a trial on the actual charges. The judge will hear only evidence that pertains to the reasonableness of the charges – the matter of whether or not there is “probable cause” on which to charge the defendant with the specific crimes. A prosecutor seeking an indictment from a grand jury does not have to face any opposition from the defense during the grand jury proceeding, and these proceedings are held in private – they’re not open to the public or the press, who could be critical of a prosecutor or the process. For these reasons, prosecutors can pretty much have their way. (It has been said that in a grand jury proceeding a prosecutor could indict a ham sandwich.) However, they can also be time consuming and uncertain for prosecutors. On the other hand, in a preliminary hearing (with charges brought by an information prepared by the prosecutor) the defendant has much greater rights to counsel, to confront witnesses, and to rebut evidence; and, in fact, about 90% of criminal charges in California are brought by information, since it is faster, more open, and less susceptible to corruption or second guessing. (Prosecutors have been known, however, to bring charges under an information, take them to a preliminary hearing, have the judge fail to find probable cause, and then go to a grand jury to try again by getting an indictment. There are a number of cases on whether or not this violates a defendant’s due process rights, but so far the courts have upheld this process.) Hope that helps. For more detailed information, perhaps there’s a criminal lawyer out there who can help us both learn more about it. L a w O f f i c e s Mr. Bent is a principal of the Alta Group. He also is the founder, president and general counsel of GoodSmith & Co., Incorporated, a corporate financial services firm specializing in large-ticket leasing and asset-based corporate financing. --------------------------------------------------------------
Leasing Industry Help Wanted --------------------------------------------------------------
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--------------------------------------------------------------- Equilease Financial Services Acquires a Seasoned Portfolio
Equilease Financial Services, Inc. is pleased to announce that it has completed the 2nd Traunch acquisition from a foreign captive of a Portfolio of Transportation, Machine Tool, Construction and Other Equipment with an original equipment cost of approximately $60 million. The 1st Traunch, completed in March, 2007, consisted of Printing Equipment with an original equipment cost of approximately $20 million. “This portfolio acquisition again demonstrates our ability to provide a selling company with an exit strategy where they have stopped originating and are at a crossroads as to sell or collect”, says Michael D. Zwick, Executive Vice President-Portfolio Originations. “This portfolio was right up our alley, as it had some characteristics of non-performing obligors and the philosophy of Equilease of purchasing the entire portfolio, without omission, appealed to this Seller”. Headquartered in South Norwalk, Connecticut, Equilease has a long history in the specialty finance business as an originator of middle and small ticket equipment leases and loans, and as a purchaser of existing equipment lease portfolios in the secondary market. ### Press Release ########################### Popular Leasing USA Becomes Popular Equipment Finance,
Banco Popular Subsidiary Also Adds Strategic Divisions and New Origination Channels St. Louis, MO –– Banco Popular North America (BPNA), one of the nation’s premier community banks and leading U.S. Small Business Administration Lenders, announced today that its subsidiary, Popular Leasing U.S.A. Inc., has changed its name to Popular Equipment Finance, Inc. (PEF). The subsidiary has completed a strategic realignment, adding new origination channels, new competitive products, and several new key executive hires. PEF has expanded into new vertical origination markets and has gravitated towards a growing national sales organization. The company now has four key divisions, including a Commercial Equipment, Healthcare Vendor, Manufacturing Equipment and a Government Leasing and Finance Division. PEF looks to purchase and hold portfolios of equipment leases and loans and is developing a transaction-based acquisition program for brokers and intermediaries. A new Syndication Group has been added to assist the company’s vendors with solutions for their tougher credits. To support its sales efforts, an outbound telemarketing program has also been established.
“The purpose for our realignment and name change was to position our products to be more customer-driven rather than operations-driven, an incentive that has been sought by a number of our vendors and their customers,” said Fred Van Etten, President of Popular Equipment Finance. “For our vendors and customers, our finance agreements fill a product void, one that supports the changing equipment financing landscape and new guidelines. “ As part of its realignment, PEF tapped industry veteran, David J. Peters as Vice President of Operations. Peters is responsible for the Credit, Collections and Documentation departments, strengthening a customer and vendor-centric culture to enhance the company’s appetite to grow its portfolio. Peters brings fifteen years of credit underwriting, collections, and asset management experience in equipment leasing operations from leading finance companies including Wells Fargo Financial Leasing and GE Capital. Van Etten added: “I am pleased to bring David into our company. His background and his experience, I’m sure, will bring great contributions to the growth of Popular Equipment Finance.” PEF has also appointed new division Vice Presidents: Aimee Bell has been appointed as Vice President and Head of the company’s Commercial Equipment Division. Bell moved through the company’s ranks from Documentation Team Leader to top producing business development officer (BDO) for this vertical market. Jim Denning has been appointed Vice President and Head of the Manufacturing Equipment Division. Denning brings over 24 years experience in the finance and lease community, specializing in all types of manufacturing and production equipment, primarily with U.S. Bancorp Financial, amongst others. Robin Corney-Horst, a top producing BDO of medical leases for the company has been appointed Vice President and Head of its Healthcare Vendor Division. About Popular Equipment Finance Popular Equipment Finance is a subsidiary of Banco Popular North America (BPNA). Ranked as the 39th largest bank-owned financing company in the United States, Popular Equipment Finance provides small to mid-ticket commercial, healthcare, manufacturing, veterinary and government equipment financing throughout the United States, Puerto Rico and the U.S. Virgin Islands. For more information, visit: About Banco Popular Banco Popular North America, headquartered in Chicago, Illinois, is one of the leading community banks in the U.S. with more than 140 branches in California, Florida, Illinois, New Jersey, New York and Texas. Its core businesses include retail and commercial banking services, mortgage and consumer lending, and investment services. Banco Popular ranks among the top five Small Business Administration lenders in the country. Banco Popular North America is a subsidiary of Popular, Inc. (NASDAQ: BPOP). For more information about Banco Popular North America, visit the company’s Web site at www.bancopopular.com. ### Press Release ########################### MetroBridge Receives $2 Million from Agility Ventures Vancouver, British Columbia CANADA, - MetroBridge Networks International Inc. (MEB - TSX Venture), a premier high-speed wireless broadband provider for business with operations in Canada and the United States, announced today that it has entered into a $2 million equipment leasing facility with Agility Ventures LLC. Bill MacNamara, VP of Business Development at Agility Ventures, said, "We see MetroBridge as a leader in the broadband industry and we are pleased to provide MetroBridge with this facility." Subject to regulatory approval, MetroBridge will issue 307,692 warrants to Agility Ventures, priced at $0.65 and valid for 5 years, and an additional 461,359 warrants as the facility is drawn down, which is expected to be over the next year. Additionally, MetroBridge has granted 200,000 incentive stock options to Paul Haarer, VP Corporate Development, vesting over 3 years and exercisable at $0.35. About Agility Ventures Agility Ventures LLC specializes in financing and consulting exclusively for the wireless broadband market. Founded and managed by successful pioneers of the wireless broadband industry, Agility offers a compelling value proposition for distributers, users, and manufacturers of wireless technology. For more information, please visit their website at About MetroBridge Networks International Inc. MetroBridge, a leading international fixed wireless provider, delivers broadband wireless access using pre-WiMAX and other advanced wireless technologies. Its highly redundant mission critical network provides connections up to 2500Mbps in Canada and the United States. MetroBridge's strategy is to grow aggressively through a combination of acquisitions throughout North America, organic growth and complimentary value-added products and services. The Company operates in all market segments including police and 911 services, the financial industry, retailers and businesses of all sizes. MetroBridge was the first Canadian carrier selected to join the WiMAX Forum to assist the industry in establishing equipment interoperability. Please visit the Company's website at ### Press Release ########################### Capgemini and ELFA Release 5th Annual Business Technology Performance Index End-to-end Solutions Gaining Popularity within Equipment Finance Market NEW YORK----Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services announced the 2007 Business Technology Performance Index (BTPI) in conjunction with the Equipment Leasing and Finance Association (ELFA). The fifth annual report addresses the state of the industry from a technology perspective and serves as a key benchmark for IT direction and spending. “The biggest change we saw this year was in the increased prevalence of end-to-end, enterprise-wide package-based solutions from single vendors,” said Cameron Krueger, vice president of Capgemini’s Banking and Asset Finance Group. “Historically, our respondents were more likely to opt for best-of-breed solutions from multiple providers. This is the first BTPI in which best-of-breed and end-to-end solutions are equally popular.” The BTPI focuses on the key areas of technology and operations – customer relationship management (CRM) solutions, front-end originations, back-end servicing, business intelligence and reporting and web-based customer portals. Other top line findings include: Equipment finance companies are still struggling with defining CRM within their organizations. “Moving forward, we anticipate that companies will concentrate more on operations and customers,” said Ralph Petta, vice president of research and industry services for ELFA. “Over the next 18 months the expectation for IT initiatives is that there will be a major focus on system replacement projects and these could potentially be a game changer for the industry.” The complete BTPI report is available at: http://www.capgemini.com/resources/thought_leadership/business_technology_ About Capgemini Capgemini, one of the world's foremost providers of consulting, technology and outsourcing services, enables its clients to transform and perform through technologies. Capgemini provides its clients with insights and capabilities that boost their freedom to achieve superior results through a unique way of working, which it calls the Collaborative Business Experience. Capgemini reported 2006 global revenues of EUR 7.7 billion and employs 82,000 people worldwide. More information is available at Capgemini provides deep industry experience, enhanced service offerings and next generation global delivery to serve the financial services industry. With a network of 15,000 professionals serving over 900 clients worldwide, we move businesses forward with leading services and best practices in Banking, Insurance, Capital Markets and Investments. For more information please visit About the Equipment Leasing and Finance Association The Equipment Leasing and Finance Association (ELFA) is the trade association representing financial services companies and manufacturers engaged in financing the utilization and investment of and in capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 730 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as service providers. The ELFA is also the premier source for statistics and analyses covering the equipment finance sector. To access ELFA's comprehensive industry information, please visit http://www.elfaonline.org/Research/ ### Press Release ########################### Bombardier to Supply 35 Bombardier TRAXX Locomotives to Angel Trains
BERLIN, GERMANY--(MARKET WIRE)-- -- Bombardier Transportation has won another major locomotive order for a private customer with an order for 35 BOMBARDIER(i) TRAXX(i) locomotives from the pan-European leasing company, Angel Trains. This latest order for MS locomotives is an option from a Master Purchase Agreement concluded in March 2005. Combined with its initial order for 5 TRAXX locomotives, this brings a total of 40 similar units leased by Angel Trains to the Belgian National Railways' (SNCB) freight operating unit, B-Cargo. At the same time, SNCB has retained Bombardier to maintain the 40 TRAXX locomotives for a period of 10 years. The maintenance contract covers both preventive and corrective maintenance, its planning and the full supply of spare parts. The particularity of this "wet lease" contract is that, whereas SNCB leases the locomotives from Angel Trains, Bombardier Transportation will both supply and maintain them. Maintenance will be done in a SNCB workshop by SNCB employees under the responsibility and following the instructions of Bombardier Transportation. The total value of the contract for 40 locomotives (including the initial order of 5 TRAXX locomotives) and the maintenance contract amounts to approximately 175 million euros ($260 million US). The 40 electric locomotives will provide cross-border services through Germany, Austria, Belgium and the Netherlands. The platform strategy of the TRAXX vehicle family, featuring a high percentage of common components, makes it particularly economic for use throughout Europe. Its modular construction means that the final configuration of the locomotives can be smoothly adapted to the respective areas of use and their infrastructure. Final production of the multi-system locomotives will take place in Bombardier's Kassel plant. Bodyshells will be produced at Bombardier's Wroclaw site in Poland, and bogies in Siegen. The locomotives will be powered by the renowned BOMBARDIER(i) MITRAC(i) traction converters offering proven reliability and energy efficiency. The related control system is the sophisticated MITRAC TCMS offering applications to secure safe and economically optimized traction power. Belgian Railways CEO Marc Descheemaecker is looking forward to this partnership: "We are satisfied to be dealing with two companies which have demonstrated a high level of expertise, Bombardier Transportation and Angel Trains, and look forward to their active support over the next eighteen months, as we put this important fleet into service. This investment will allow B-Cargo to turn towards the international markets and to take an active part in the growing trade which will be generated by the harbour activities in the coming years" Haydn Abbott, Managing Director, Angel Trains Group, welcomed this transaction stating: "From our base in Antwerp, it is fitting that our largest ever contract should have come from the Belgian railway, SNCB, with whom we are delighted to have transformed a small and recent contract into a large and long-term relationship. Together with Bombardier, we have provided a compelling combination of professional and flexible service and competitive economics, transforming the procurement philosophy of an important public sector railway". Bombardier Transportation's Locomotive Division President, Edmund Schlummer, stated: "We are delighted that in yet another country, TRAXX locomotives have been chosen as the core fleet for freight traction. We are also pleased with the successful and ongoing partnership with Angel Trains. A total of 195 locomotives from the TRAXX platform have been ordered by Angel Trains for its pan-European locomotive leasing business, Angel Trains Cargo." Laurent Troger, Vice President, Continental Europe, Bombardier Transportation, Services, commented: "This order is a fine example of Bombardier's commitment to the customer. With its know-how and advanced capabilities, Bombardier has the ability to maintain rolling stock assets that will last over an extended life time." Background facts and figures About Bombardier Transportation Bombardier Transportation has its global headquarters in Berlin, Germany with a presence in over 60 countries. It has an installed base of over 100,000 vehicles worldwide. The Group offers the broadest product portfolio and is recognized as the leader in the global rail sector. About Bombardier A world-leading manufacturer of innovative transportation solutions, from regional aircraft and business jets to rail transportation equipment, systems and services, Bombardier Inc. is a global corporation headquartered in Canada. Its revenues for the fiscal year ended Jan. 31, 2007, were $14.8 billion US, and its shares are traded on the Toronto Stock Exchange (BBD). Bombardier is listed as an index component to the Dow Jones Sustainability World and North America indexes. News and information are available at www.bombardier.com. About Angel Trains Angel Trains is a leading lessor of railway rolling stock in the UK and in Continental Europe, with aggregate investments of over Euros 6 billion. It has its group headquarters in London and other offices in Antwerp, Cologne, Derby, Madrid and Rome. Angel Trains is a wholly-owned subsidiary of The Royal Bank of Scotland Group, one of Europe's leading financial services groups. About SNCB SNCB is a Belgian public law company that organises the national and international rail transport of passengers and goods. SNCB also owns and manages the train fleet. The company employs over 18,300 people and realises a turnover of approximately 2.069 billion euro (2006). SNCB participates also in other companies like Eurostar, Thalys, IFB, TRW.. ### Press Release ###########################
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The only commercial fishing vessels in the United States still powered by sail are the Maryland "skipjacks," sailboats that dredge for oysters. A state law requires sailpower a certain distance from shore.
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Today's Top Event in History 1948- “ Hopalong Cassidy” premiered on NBC-TV. Actor Bill Boyd, 53, starred in the title role. This was the first western series on television. [headlines]
This Day in American History 1775- while the Marines were authorized to form on November 10 by the Continental Congress, the first marine officer was Samuel Nicholas, a Philadelphia Quaker, commissioned captain on November 28, 1775, at $32 a month. The Marines were under the jurisdiction of the War Department until April 30, 1798, when Congress created the Navy Department. The present Marine Corps was created by act of July 11, 1798, which authorized a major, 4 captains, 16 first lieutenants, 12 second lieutenants, 48 sergeants, 48 corporals, 32 drums and fifes, and 720 privates, including enlisted men. The first major was William Ward Burrows of South Carolina, who was appointed July 12, 1798, and served nearly 6 years. -------------------------------------------------------------- Football Poem
The Quarterback *Inspired by Allan James Saywell Adam Caldwell -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: --------------------------------------------------------------
http://www.gasbuddy.com/ -------------------------------------------------------------- News on Line---Internet Newspapers Overland Park, Kansas http://www.topix.com/city/overland-park-ks -------------------------------- |
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