Friday, October 22, 2010
Fifty ugliest cars of the past 50 years
Classified Ads---Sales Manager
Free Posting for those seeking employment in Leasing:
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Messenheimer of AMC Funding Group filed BK 4/19/10
It appears all the complaints about not funding leases, not paying brokers, and checks bouncing to vendors may have come in too late. May 19, 2010 Brendon Job Messenheimer and his wife filed Chapter 7 Bankruptcy before other credits came after him and his main company Advanced Med Corp, Greensboro, North Carolina. One of them Complaint by First-Citizens Bank & Trust Company has filed against Advanced Medical Distribution Corporation and Brendan Job Messenheimer claiming fraud as a fiduciary, embezzlement, and larceny.
While this was going on, brokers, and perhaps funders, across the United States were doing business with AMC Funding Group, Charlotte, North Carolina until Leasing News started to announce its alerts.
Messenheimer BK filing:
Second Alert-AMC Funding Group, Charlotte, NC
Alert--AMC Funding Group, Charlotte, NC
((Please Click on Bulletin Board to learn more information))
Chris Enbom, CLP, 2011 President NEFA
Chris Enbom, CLP, CEO of Allegiant Partners, San Rafael, California was elected president of the National Equipment Leasing Association (NEFA) for 2011. Joining him on the Executive Committee are:
Hugh Swandel, managing principal for The Alta Group in Canada
Nancy Geary, CPA, CLP, ECS Financial Services, Inc.,
John Rosenlund, CLP, Portfolio Financial Servicing Company,
Immediate Past President
Randy Haug, Sr. Vice-President/Partner, LeaseTeam, Inc.,
The 2011 NEFA Board of Directors:
Tara Aasand, Great American Insurance, Cincinnati, Ohio
Frank Ahrenhold has joined Creekridge Capital LLC, Edina, Minnesota will be based in Philadelphia and will be responsible for establishing strategic vendor program relationships with manufacturers and dealers of healthcare equipment in the Mid Atlantic. He had previously been with such diverse companies as Del Lage Landen, Capital Partners Equity, National City Commercial Capital and PNC Equipment Finance where he served most recently as a New Business Development Manager.
Mary Carsen, a five year leasing veteran has been with Creekridge Capital LLC, Edina, Minnesota for three years, will assume the duties of Program Manager for a number of large healthcare vendor relationships. Prior to this position, Carsen was an Account Manager in the Contracts Management group, where she was responsible for processing assigned lease transactions from documentation through funding.
Lindsay Brown joined Creekridge Capital LLC, Edina, Minnesota to increase sales. She spent 4 years, 5 months at Fidelity National Capital where she served as account manager in the support of Fidelity's sales organization. At Creekridge, Brown will support various healthcare manufacturers that have been recently signed, working to support their national and regional sales organizations. Northwestern College, BS, Business Management
Didier Chappet has been appointed CEO of BNP Paribas Lease Group, replacing Philippe Bismut. Philippe Bismut will join Arval as special advisor to the CEO, Laurent Tréca. On January 1 2011, Bismut will take up the position of CEO while Laurent Treca will stay on as Arval’s chairman. Philippe Bismut remains on as chairman of BNP Paribas Lease Group and head of equipment solutions.
He began his career in the public sector in 1979, working in the French ministry of equipment as head of the management and on-line data processing division. From 1982 he was a research and planning analyst with the French ministry of equipment. Two years later Chappet joined UCB, a real-estate funding specialist. He handled various managing roles from the sales force and the subsidiaries to general management. He was appointed chairman and CEO of UCB in 2001. In 2005 he took charge of the back office of French Retail Banking at BNP Paribas group. In May 2010 Chappet was appointed special advisor to Philippe Bismut. is a graduate of the Ecole Supérieure de Commerce de Paris (1972).
Mike DiCecco has been named senior vice president and chief commercial officer for Huntington Bank, Cleveland, Ohio.
He was promoted from senior vice president, executive sales manager. He will assist Rick Remiker, president, Huntington Equipment Finance, with the implementation of the division’s three-year strategic growth plan to significantly increase new business volume and optimize bank earnings. Mr. DiCecco graduated from the College of Mount St. Joseph in Cincinnati with a Bachelor of Science degree in business with concentrations in finance and management. He is active in the Equipment Leasing and Finance Association's Financial Institutions Business Council and sits on the board of directors for the Center for Families and Children in Cleveland.
Christian Haesslein has been promoted to the role of vice president at DZ BANK, greater New York area. Since 2003, Haesslein has been with the bank's Asset Securitization Group in New York, which manages an asset-backed commercial paper conduit called Autobahn Funding Company. Friedrich-Alexander-Universität Erlangen-Nürnberg; University of Georgia - Terry College of Business.
John Mealey has joined Travelers Financial Corporation, Vancouver, BC. He will head the formation Travelers Aircraft Finance He previously was with Textron Financial and most recently LiftCapital Corporation.
Lyn Nita was named northeast regional sales manager for Key Equipment Finance, Superior, Colorado. Prior to joining Key Equipment Finance, Ms. Nita was vice president, syndication and sales, for Honeywell International. This followed a position as vice president, sales, for the business technology finance division of CitiCapital. Prior to that, she was director, municipal leasing, for the equipment finance division at Siemens Financial Services Inc., which followed several management positions at Siemens. Previously, she was account manager/credit manager for AT&T Credit Corp. She has a bachelor’s degree in marketing and finance from St. Joseph’s University. She is current president of the Association for Government Leasing and Finance.
Greg Pearson has joined Creekridge Capital LLC, Edina, Minnesota, to establish vendor program relationships with manufacturers and dealers of telecom and alternative equipment nationwide. He previously worked for Wells Fargo Financial, Lyon Financial Services and US Bancorp Equipment Finance Group where he served most recently as New Business Development Manager.
Randy Pratt has joined TIP Capital, Bloomfield Hills, Michigan, as regional vice president of sales for the Southwest U.S. Pratt, based in Dallas. Previously he held various senior sales with Presidio Technology Capital, and Phoenix Computer.
Susan Vik, a 12 year leasing veteran with Creekridge Capital LLC, Edina, Minnesota, will support the Creekridge outside sales teams in the development and management of several healthcare and technology programs. Prior to Creekridge, Vik held several senior level positions at Sunrise International Leasing Corporation for 9 years, working in contracts/account management as well as in support of major vendor accounts.
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Federal Reserve Beige Report—October
Reports from the twelve Federal Reserve Districts suggest that, on balance, national economic activity continued to rise, albeit at a modest pace, during the reporting period from September to early October.
Manufacturing activity continued to expand, with production and new orders rising across most Districts.
Lending activity was stable at low levels across most Districts, but there were some reports that demand picked up slightly. The Richmond and Dallas District reports noted increased lending activity, and Chicago said credit conditions continued to improve in the District. Reports from Richmond and Dallas suggested that competition for quality loans had picked up. Some contacts noted there was pressure to price loans slightly more aggressively.
Demand for commercial and industrial loans remained weak as businesses continued to postpone capital spending plans because of economic and public policy uncertainties. However, merger and acquisition lending picked up in a few Districts. Commercial real estate lending remained subdued and loan standards were still tight.
(This ad is a “trade” for the writing of this column. Opinions
Housing Not as Bad as Predicted
The September housing numbers were a bit better than expected with total starts up 0.3% to 610,000 (SAAR), driven by the 4.4% increase in the all important single family activity ( 452,000 SAAR). Multi family activity was down almost 10%. Permits also reflected the divergence with multi family permits down 20% while single family was up 0.5%.
Regionally, there was an even split: the NE and South ere up 2.9% and 4.8% respectively, while the MW and West were off 8.2% and 3.6% respectively.
The vacant housing inventory, both year round vacant, plus seasonal vacant keeps growing. Today, there are 14 million year round vacant units and another 5 million seasonal units that are vacant. That's almost 20 million vacant units, or 15% of the housing stock the highest in history I believe.
The message is that demand for housing depends on our ability and desire to form households. Household formation accounts for about 65% of demand for shelter — e.g., when we form a household, we need a place to live — buy or rent - either way, a house/apartment is needed. Household formation depends on demographics/population (People moving into house buying age cohorts); and immigration.
The poor economy has negatively impacted both over the past 3 — 5 years.
Microfinancial/TimePayment Net Income $12.9 Million
MicroFinancial Incorporated (NASDAQ: MFI), Woburn, Massachusetts announced net income revenues increased 7.7% to $12.9 million compared to same period last year of $1.9 million. At the same time, provision for credit losses decreased 8.6% to $5 million. Microfinancial also noted their revolving credit increased the revolving line of credit facility to $100 million under more favorable terms.
The company specializes in small ticket leasing, going as low as $500.
Richard Latour, President and Chief Executive Officer said, "The current economic environment continues to present many challenges to the financial services industry. In order to manage through these difficult times, we will continue to focus our efforts on maintaining a disciplined credit approach providing premium customer service, and offering attractive programs to our vendors and brokers.
" By remaining focused on our underwriting policies and credit quality, we have realized an 8.9% reduction in net charge-offs during the third quarter as compared to the second quarter of 2010, and a reduction of 22.6% as compared with the first quarter of 2010. Our solid performance was also instrumental in our ability to increase our revolving credit facility during the third quarter to $100 million under more favorable pricing and terms."
Third Quarter Report:
Marshall & Isley Loses Continue
Marshall & Isley, Milwaukee, Wisconsin, recorded a net loss in the three months ended Sept. 30 of $169.2 million, compared to a loss of $248.4 million in the same quarter a year ago. Most of its problems come from exposure to construction and development loans, which have been plaguing banks all over the United States.
Commercial loans and leases were down 11.7%: September 30, 2010 $11.9 billion compared to $13.5 billion September 30, 2009
US Bancorp $908 Million Net Income
U.S. Bancorp (NYSE: USB) Minneapolis, Minnesota reported a net income of $908 million for the third quarter of 2010. Earnings for the third quarter were driven by record total net revenue of $4.6 billion.
In the business side, interest income for the 3rd Quarter was $40,726,000. Here is leasing, not indicating any significant decline, although it should be noted these include all leasing from small ticket, to middle and large ticket marketplace, and do not note actual sales:
US Bancorp 8-K third quarter filing:
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Forum and Vision Bank Texas Announce Recent Closing
Richardson, Texas -- Forum Financial Services, Inc. (“Forum”) and Vision Bank Texas (“Vision Bank”) recently completed their first leveraged funding for an equipment lease on October 1, 2010.
The management of Forum and Vision Bank has over 20 years experience in working together in partnering on leveraged transactions, with Forum being the equity participant and Vision Bank providing the debt for the lease stream.
Per John Caulfield (President of Forum) “We are excited about completing our first transaction with Vision Bank. Working again with the management of Vision Bank on leveraged transactions widens the lease financing products that we can offer to brokers and other funding sources. During the past few years our focus has been on challenged credits. Now we can pursue better credits by leveraging our participation through Vision Bank. We will focus on transactions that involve higher residual equipment, but will also consider most types of equipment.”
Vision Bank President and CEO, Gary Mulhollen, stated that “The bank is pleased to enter into this exclusive arrangement with Forum. Vision Bank and Forum will target quality middle market and large corporate credits nationwide for primarily manufacturers, wholesalers, distributors and healthcare related businesses.”
The typical transaction for this joint program will be in the $200,000 to $2,000,000 for terms of 24 to 60 months. Forum will be offering this product to those brokers and sources that we have worked with in the past. For more information on this leveraged product or our tough credit offerings contact Tim O’Connor at 972-690-9444 x225 or email@example.com
Ex-GE Cap Execs. form Nations Equipment Finance
Nations Equipment Finance Opens Its Doors to Offer Specialized Equipment Leasing and Financing for Small to Middle Market Companies throughout the US and Canada
NORWALK, Conn.---Nations Equipment Finance is a leasing and finance company founded by former GE Capital equipment finance professionals. Backed by Boston-based investment partner Abrams Capital, NEF’s transactions will range from $500,000 to $20 million and will include term loans, lease financings and all asset financings.
“We’ve worked together for the last 17 years, and during that time we originated and managed multi-billion dollar portfolios of equipment leases and term loans in various industries.”
NEF will offer customized solutions to meet each client’s specific financing needs. They plan on creating a diversified investment portfolio that includes industrial facilities and equipment, machine tools, construction, trucks, trailers, aircraft, food processing, printing, marine and mining equipment.
Phil Carlson, President and CEO of Nations Equipment Finance, explains why his team is the best equipped to handle these types of transactions: “We’ve worked together for the last 17 years, and during that time we originated and managed multi-billion dollar portfolios of equipment leases and term loans in various industries.”
Tom Fanelli, Chief Risk Officer of NEF, explains: “Having been through multiple economic cycles, our team understands how to underwrite collateralized transactions. We have extensive knowledge in structuring transactions to meet our customers’ needs.”
For more information, please visit http://www.nationsequipmentfinance.com, email firstname.lastname@example.org or call (203) 912-7623.
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The affecting “Hereafter” and the haunting “Never Let Me Go” kick off prestige-season at the box-office, while DVD watchers this week can have their pick of blockbusters (“Toy Story 3”) and art-house sleepers (“Wild Grass,” “Kisses”).
Hereafter (Warner Bros.): Though Clint Eastwood remains only behind the camera as director here, the great star’s unmistakable qualities (integrity, slow-burning intensity, a cranky sort of humanism) are palpable in this affecting drama. Connecting the lives of three characters of different ages and nationalities, it weaves a multilayered mosaic of loss, grief, and grace. There’s George (Matt Damon), an American man with a strange ability to communicate with the dead; Marie (Cecile de la France), a French journalist recovering from a near-death experience; and Marcus (George McLaren), a young British schoolboy looking for answers to life’s questions. Though this ground has been frequently covered in the past, Eastwood and his cast tackle these issues with a delicacy and sense of human truth that render them fresh and moving.
Never Let Me Go (Fox Searchlight Picture): Old-fashioned drama meets science fiction in this haunting tale set in a unique, unnerving alternate reality. Kathy (Carey Mulligan), Ruth (Keira Knightley) and Tommy (Andrew Garfield) are the protagonists, a trio of young students who have, since childhood, lived at a tranquil British boarding school. It’s not until they reach adulthood and we get a glimpse of the world beyond the luxurious gates of the school that we realize that there’s something much more sinister waiting for them outside. The less said about the plot the better, so that viewers can share the characters’ surprises and shocks. Directed by Mark Romanek (“One Hour Photo”) from a novel by Kazuo Ishiguro (“The Remains of the Day”), it is an absorbing, excellently acted vision of menace and hope.
New on DVD:
Toy Story 3 (Disney): Fifteen years after they debuted in Pixar Studio’s first feature film, the “Toy Story” characters remain more beguiling than ever. In this third installment, Woody (voiced again by Tom Hanks), Buzz Lightyear (Tim Allen), and the other toys face their toughest challenge yet: The waning interest of their beloved owner Andy, who’s now a teenager with little time for playing. Mistakenly taken out of the house, the gang finds themselves in a daycare center, where a plush bear named Lotso (delightfully voiced by Ned Beatty) welcomes them. However, what looks like paradise soon shows its true colors, and Woody and the others have to find their way back. Filled with the kind of heart, laughs, and state-of-the-art animation that’s become Pixar’s specialty, this is the season’s sure-to-please hit.
Wild Grass (Sony): Undermining the unofficial rule about cinema being a young man’s art, 88-year-old film legend Alain Resnais takes the audience’s breath away with this unpredictable, profoundly comic and moving tragicomedy. The story kicks off when George (Andre Dussolier) retrieves the stolen wallet of Marguerite (Sabine Azema), a random incident that brings together two people. Though he’s already married, George finds himself infatuated with Marguerite, an eccentric dentist who also fancies herself an aviatrix. But will his insistence connect with her emotions, or will their would-be romance lead only to restraining orders? A modern screwball farce that’s surreal and poignant at the same time, this is a cinematically inventive treat not to be missed by serious movie lovers. With subtitles.
Kisses (Oscilloscope): Moving from the Caribbean to Ireland, Lance Daly’s gritty tale views childhood from a different angle. Dylan (Shane Curry) and Kyle (Kelly O’Neill) are pre-teen neighbors who survive their family struggles in the working-class suburbs of Dublin by sticking together. When they run away together in search for Dylan’s older brother, the outside world suddenly appears full of potential wonder and danger. Will they make it safely to their destination, with the remains of their innocence intact? As part of a long and honorable tradition of movies about troubled young protagonists, the film mixes tough, unsentimental determination with unexpected lyricism. An affecting portrait of childhood giving way to life’s experiences, greatly aided by the naturalistic performances of its young cast.
Edina, Minnesota---Adopt a Dog
Energy level: Playful puppy, full of life! Has hip pain, which could be related to being a large breed, previously malnourished puppy, or could be due to a predisposition to hip dysplasia.
Adoption fee is $300.
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
GATX Q3 Results Surpass Estimates
De Lage Landen Financial Services Forms New Partner Enterprise
Winmark Corp. Reports Operating Results
The Alta Group Latin America Report
Fannie Mae, Freddie Mac bailouts could hit $363 billion, report says
Alaska Air's 3Q profit climbs nearly 40% to record
In this recovery, Washington has less power over the economy than you think
Allied Interstate Settles FTC Case; Agrees To Second-Largest Agency Penalty
Google 2.4% Rate Shows How $60 Billion Lost to Tax Loopholes
Fifty Ugliest Cars of the Past 50 Years
Cal and Stanford football teams will go into North division of new Pac-12 but will keep annual matchups with USC and UCLA
Meg Whitman's spending totals $163 million
This Day in American History
1721- Unofficial Birthday of Peyton Randolph, first president of the Continental Congress, died 1775, October 22.
World Series Champions This Date
1972 Oakland Athletics
From the book
by Paul B. Janeczko, Carole Katchen (Illustrator)
He approaches the plate,
As he paws
Then, in the time it takes
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