Archives--October 8, 2006
Jimmy Frank Joins Sterling Savings Bank

Long time leasing collector and credit analyst Jimmy Frank has joined Sterling Savings Bank in Portland, Oregon.

"I know you have really helped me with the exposure I got in the past from Leasing News…and you can quote me on that!" he told us after letting us know where he had landed.

"I worked with Jim Merrilees at Pitney Bowes Credit Corporation in Torrance, CA, prior to Colonial Pacific Leasing Corporation (CPLC.) Jim was the one who brought me up to CPLC from Southern California back in 1987 where I started at CPLC as a Region Collection Supervisor. I have a lot of gratitude towards Jim Merrilees...”

At CPLC "...I worked in the application only arena with the super brokers under the good old days of Randy Ernst and Jim Merrilees."

Jimmy Frank was Credit Analyst at Colonial Pacific Leasing from 1990 to 1999.

Credit Analyst at Advanta Leasing and Textron Financial Corporation from 1999 to 2001.

Credit Analyst and Manager of Broker Services at Allco Leasing & Financial Services from 2001 to 2004.

"I was hired as a Credit Analyst at Sterling Savings Bank in October of 2005 and recently promoted to a Business Banker at Portland Business Banking in October of 2006."

TODAY

Jimmy Frank
Commercial Loan Officer
Citizens Bank
Oregon City, OR 97045
jfrank@citizensEbank.com
www.linkedin.com/pub/jimmy-frank/86/890/65a

"I specialize in commercial lending in the Oregon City, Portland, Oregon and the greater Clackamas County area:

"Commercial real estate loans, both owner occupied and Investment.

"Commercial & Industrial loans, which include
 business revolving line of credits."

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Classified Ads---Credit

(These ads are “free” to those seeking employment
or looking to improve their position)

Credit, syndication, workout experience Exceptional work ethic, common sense coupled with practical experience in equipment finance, consumer, commercial. Can interact with all levels of borrowers and intermediaries. Not an originator – but can help sales team close – great up sell ability. Will relocate for the right opportunity AND can work remotely.aaacorrespondent@gmail.com

Orlando, Florida As a Commercial Credit Analyst/Underwriter, I have evaluated transactions from sole proprietorships to listed companies, across a broad spectrum of industries, embracing a multitude of asset types. Sound understanding of balance sheet, income statement and cash flow dynamics which impact credit decisions. Strong appreciation for credit/asset risk.  rpsteiner21@aol.com  407 430-3917

Free Posting for those seeking employment in Leasing:
http://www.leasingnews.org/Classified/Jwanted/Jwanted-post.htm

All “free” categories “job wanted” ads:
http://www.leasingnews.org/Classified/Jwanted/Jwanted.htm

 

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Marlin Files Amendment to Wells Fargo Loan

Marlin Business Services, as Marlin Receivables Corp has filed notice that it has amended its $75,000,000 loan facility with Wells Fargo Capital Finance, LLC (formerly known as Wells Fargo Foothill, LLC), changing the maturity date of the facility from October 9, 2014 to January 7, 2015.  Speculation is they are renegotiating their facility and have not yet finalized it, thus the extension.

MRLN-NASDAQ

End-of-day Price ($): 17.38
Change ($): -0.29
Change (%): -1.64
One Day Volume: 33,799
Day's High ($): 17.68
Day's Low ($): 17.34
Previous Close ($): 17.67
Exchange: NASDAQ 

Marlin-Wells Fargo Amendment
http://www.leasingnews.org/PDF/MarlinWellsFargoAmendment_102014.pdf

Marlin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/Marlin_Leasing_2008.htm 

 

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Reaction to Wheeler 2014 Broker Survey
By Christopher Menkin

Lessors and Funders, off the record, told Leasing News they were not surprised by the September, 2014 Broker Survey by Wheeler Business Consulting.* From a sampling of 125, the numbers compute to 42 respondents who do over $10 million a year in originations, and in that number, ten do over $50 million in originations; 43 do less than $5 million, and 30 fall in the $5 million to $10 million category.  Most are single person operations.

In discussions with the Lessors and Funders, it was noted that more leasing companies are now part of a bank, realizing a lower cost of funds and other aspects a bank can bring. The number of those seeking broker business continues to diminish. This reflects to leasing associations with less and less broker members, as well as many companies continuing not to do business with third party originators, including not taking on any new brokers. Leasing News was told come the first of the year, there will be fewer seeking new broker business.

Perhaps the trend started with the downturn of the economy where many left the industry to become bankers, insurance agents, and work for companies that provide a steady salary, paid vacations, health benefits, and as many were getting older, the retirement plans and other attributes became much more attractive.

Certainly the technology made back room operations more efficient. Coincidentally, marketing and sales also changed where larger companies could lead, not follow. The smaller operation where they  who could use their computers to type contracts, store forms, fund transactions, use Act, CapitalStream, Goldmine, SalesForce, System 1, at one time could act as if they were a large company, but technology grew more sophisticated, more expensive, requiring IT experts, as well as the source market was drying up.

At the same time, the lessors and funders  were working efficiently and became much more competitive than a small office. They not only improved their vendor business, but direct business as well.  Thus the lone broker became more like a cowboy on a horse going against fast moving vehicles, Avant-garde software programs, and basically were pushed into business loans and advance cash sales to survive as banks had abandoned the micro lending marketplace.

Those relying on brokers were also doing more business directly with from lessees, and from vendors and dealers. Additionally they are doing more repeat business as the economy has presented more growth opportunities to these existing customers. Many fell into niche markets that they understood and where they could excel. They also found the money was in the repeat business.

The other trend has been banks buying leasing companies, and the leasing companies then getting a lower cost of funds, rather than having to expend time hunting lines of credit, etc.

This then left third party originations as a “specialty.” The National Association of Equipment Leasing Brokers began work on a Leasing School three and a half years ago, realizing that education was the most important part of becoming a successful broker. The first class will be held November 2 to 6 in Irvine, California. Then those attending will assigned a mentor and be invited as guests to the NAELB Western Conference being held at the same location on Friday and Saturday.  The number attending NAELB School is not known at this time, but Leasing News was told one of the students who has sent in their tuition fee is from Guatemala.
 http://www.naelbschool.com/

* September 2014 Broker Survey Results
  Wheeler Business Consulting
http://leasingnews.org/archives/Oct2014/10_06.htm#wheeler

 

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No Longer taking Broker/Discounting Business
plus Leasing Companies Out of Business

Companies with an * are no longer in business. The others are companies that were taking broker business, but announced that they no longer are accepting broker business. Many have also down-sized or are managing an existing portfolio.

More details are available in this list by company name:

http://www.leasingnews.org/list_alpha_new.htm

*ABCO Leasing Inc., Bothell, WA
*ACC Capital, Midvale, Utah (lenders running off portfolio residuals, Leasing News receiving Evergreen non-notification complaints, demanding 12 more monthly payments)
Advantage Business Capital, Lake Oswego, Oregon
AEL Financial, Buffalo Grove, Illinois
(No longer taking new broker business) 
Alliance Financial, Syracuse, New York
*Alternative Capital, Apollo Beach, Florida 
*AMC Funding, Charlotte, North Carolina
American Bank Leasing, Alpharetta, Georgia
*American Equipment Finance, Warren, New Jersey
Balboa Capital, Irvine, Ca
Bank of the West Leasing Indirect, San Ramon, California
    (Require high volume, successful brokers only) 
*Bank Midwest Leasing, Overland Park, KS 
Bankers Healthcare Group, Weston, FL
*Blackstone Equipment Financing, Orange, California 
*CapitalSource Healthcare Finance, Chevy Chase, Maryland
*CapNet, Los Angeles, California
*C and J Leasing Corp, Des Moines, Iowa
*Carlton Financial Corporation, Wayzata, Minnesota
*Chase Industries, Inc., Grand Rapids, Michigan 
*Chesterfield Financial, Chesterfield, Missouri
CHG-MERIDIAN U.S. Finance, Ltd, Woodland Hills, CA
(Sales Management focuses very selectively on certain brokers.) 
*Churchill Group/Churchill Leasing, Jericho, NY
CIT Group (limited)
Columbia Bank Leasing, Tacoma, WA
*Columbia Equipment Finance, Danville, California 
Commercial Equipment Lease, Eugene, Oregon 
Concord Financial Services, Long Beach, California
*Court Square, Malvern, Pennsylvania
*Creative Capital Leasing Group, LLC, San Diego, CA
Crossroads Equipment Lease & Finance, Rancho Cucamonga, Ca 
Direct Capital, Portsmouth, New Hampshire
Diversified Financial Service, Omaha, NE
Dolsen Leasing, Bellevue/Yakima, Washington
Equipment Finance Partners, a division of Altec, Birmingham, Alabama 
Evans National Leasing, Inc., Hamburg, NY
Enterprise Funding, Grand Rapids, Michigan
* Evergreen Leasing, South Elgin, Illinois
*Excel Financial Leasing, Lubbock Texas
*First Corp.(IFC subsidiary), Morton Grove, Illinois
First Federal Financial Services, Inc., Menomonee Falls, Wisconsin
First Republic Bank, San Francisco, CA
Frontier Capital, Teaneck New Jersey 
*GCR Capital, Safety Harbor, Florida 
GE Capital, Conn (limited)
Global Funding LLC., Clearwater, FL
*Greystone, Burlington, MA
*Heritage Pacific Leasing, Fresno, CA
*Hillcrest Bank Leasing, Overland Park, KS (Parent bank sold)
Huntington Equipment Finance, Vendor Finance Group, Bellevue, Washington
*IFC Credit Corp., Morton Grove, Illinois
Irwin Financial (Irwin Union Bank), Columbus, Indiana 
Irwin Union Bank, F.S.B. (Louisville, Kentucky)
Lakeland Bank, Montville, NJ
LaSalle Systems Leasing
*Latitude Equipment Leasing, Marlton, New Jersey 
*Leaf Specialty Finance, Columbia, South Carolina
*LEAF Third Party Funding, Santa Barbara, Ca.
Lombard, part of Royal Bank of Scotland, worldwide
Marlin Business Services, Mount Laurel, NJ (accepting no new brokers, they may have opened for a select fee, but no more at this time, they say.)
M&T Credit (Bank)
*MericapCredit, Lisle, Illinois
*Meridian Healthcare Finance, San Diego, California 
Merrill Lynch Financial
Midwest Leasing Group, Livonia, Minnesota
National City, Cleveland, Ohio
*Navigator (Pentech subsidiary) San Diego, California
OFC Capital, Roswell, Georgia
Old National Bank, Evansville, Illinois
Pentech Financial, Campbell, CA
*PFF Bancorp, Inc, Pomona, CA
Pinnacle Business Finance, Fife, Washington
*Pioneer Capital Corporation, Addison, Texas
PredictiFund, a subsidiary of Capital Access Network, Inc
Popular Finance, St. Louis, Missouri
Puget Sound Leasing, Seattle, Washington 
Radiance-Capital, Tacoma, WA
Rational Technology Solutions, Rolling Meadows, IL
*Reliant National Finance, Jacksonville, Florida
Sandy Springs, Olney, MD
* Securities Equipment Lsg. (SEL, Inc.), Glendora, CA 
Sovereign Bank, Melville, New York
Specialty Funding, Albuquerque, NM
*Studebaker-Worthington Leasing, Corp., Jerico, NY
(part of sale from Main Street Bank to Ascentium Capital) 
Sun Trust Equipment Finance & Leasing, Baltimore, Maryland 
*SunBridge Capital, Mission, Kansas
Suncoast Equipment Funding Corp., Tampa, Florida
TCF Equipment Finance, Minnetonka, Minnesota 
TechLease, Morgan Hill, California
*Tennessee Commerce Bank, Franklin, Tennessee 
Textron Financial
*Triad Leasing & Financial, Inc., Boise, Idaho
*TriStar Capital, Santa Ana, California 
*Union Capital Partners, Midvale, Utah
US Bank, Manifest Funding, Marshall, Minnesota
(new requirement: large yearly funding) 
US Bank, Middle-Market, Portland, Oregon 
Velocity Financial Group, Rosemont, Illinois
VenCore, Portland, Oregon (former company Len Ludwig)
*Vision Capital, San Diego, California
Wachovia Bank Leasing
*Washington Mutual Financial
Western Bank, Devils Lake, ND
*Westover Financial, Inc., Santa Ana, California

(Note: Should a company policy have changed, please contact kitmenkin@leasingnews.org)

Funders looking for new Brokers:
http://www.leasingnews.org/Funders_Only/New_Broker.htm

 

((Please Click on Bulletin Board to learn more information))
(Leasing News provides this ad “gratis” as a means
to help support the growth of Lease Police)

 

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Leasing Industry Help Wanted
 

 

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

 

 
 

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One Size Does Not Fit All in Trying to Make a
Contract Define What a Commercially Reasonable Sale Is
Regarding a Sale of Repossessed Equipment

By Tom McCurnin
Leasing News Legal Editor

The Best a Secured Party Can Do is to be Specific in the Procedure When Trying to Define if the Intended Sales is Commercially Reasonably.

In re Walter B. Scott & Sons, Inc., 436 B.R. 582 (Bkrtcy.D.Idaho,2010)

Ever since I can remember, secured creditors have tried to define what a commercially reasonable sale is, so as to alter their duties under the Code.  The point of this case, and others, is that one may not define what a commercially reasonable sale is. So when a lessor repossess, this case is of significance.

I’m often asked to draft a security agreement or custom lease with a provision in the contract that deems a proposed sale as being commercially reasonable. 

Here, the lessor, Financial Federal, had the following clauses in its lease:

• Debtor agrees that any public or private sale shall be deemed commercially reasonable.
• If notice of any such sale is mailed to the Debtor at the address for the Debtor specified here at least ten (10) days prior to the date of any public sale or after which any private sale will occur.
• If notice of any public sale is published in a newspaper of general circulation in the county where the sale will occur at least once within the ten (10) days prior to the sale.
• Whether the items are sold in bulk, singly, or in such lots at the Secured Party may elect.
• Whether or not Secured Party refurbishes, repairs or prepares the items for sale.  Secured Party may be the purchaser at any public sale.

The first clause deals with notification to the Debtor, not whether or not the sale is commercially reasonable. This clause belongs in a separate paragraph.  See Uniform Commercial Code § 9-611 through 9-614. 

The last three clauses state what a secured party may do in conducting the sale, not what it must do. In fact, they are confusing in that regard, as to whether they set a floor to the minimum conduct of the secured creditor in the sale. They serve little purpose, in my judgment.

Only the second clause really deals with a commercially reasonable sale, but all it really does is specify how advertising is to be addressed, but without mentioning the word “advertising.” The Code states that all aspects of the sale, including method, manner, time, place and other terms of the sale must be commercially reasonable. So this clause addressing the form of publication really doesn’t advance the ball either. 

The Court concluded that the clause dealing with publication, if offered to establish the level of advertising required in the sale, was commercially unreasonable and should not be enforced. What is interesting, is that the identical clause, used by a the same lessor was upheld in a Texas Court in the case of Financial Federal v Hartman 2010 WL 4918980 (2010).  

So what can a secured creditor do to establish what a commercially reasonable sale might be?

First, the agreed upon conduct by the secured party should be drafted so as to create a safe harbor, so even if the creditor does something different, the failure to strictly abide by the terms of the security could not be used against the creditor.  One example of how a creditor got tripped up on his own net is Commercial Credit Group v Barber, 682 S.E.2d 760 (N.C. Ct. App. 2009) where the lessor used CCG’s own clause against it, because CCG had not complied with its own clause.

Because the factors which go into defining what a commercially reasonable sale are so diverse, it is nearly impossible to reach a contractual conclusion.  Instead, the secured creditor should pick off some of the elements of a commercially reasonable sale, such as the disposition method (public or private), whether repair of the collateral should be undertaken, and the warranties the secured creditor may give in disposing of the equipment. In fact, it is probably better to define what conduct is not commercially reasonable. This should be done with an eye on what the collateral is and there may not be a “one size fits all” solution in a single lease.

Let us say, by way of example, the lessor has purchased the equipment from the manufacturer and is obligated under a recourse agreement or re-marketing agreement to allow the manufacturer to take possession and re-sell the equipment. If that is the case, the clause should probably read that “The parties agree that it is not commercially unreasonable to allow the lessor, after taking possession of the equipment, after default, to turn over the equipment to the original vendor of the equipment for eventual re-sale.”  Now, that clause clearly establishes that giving back the collateral to the vendor is not commercially unreasonable. Problem partially solved.  However, the lessor would have to monitor the vendor to insure the vendor is, in fact, conducting a commercially reasonable sale, which assumes that even after the re-marketing or recourse agreement, the lessor still has skin in the game.

The bottom line is that drafting a lease or security agreement is not an easy project and depends on the nature of the equipment and the proposed re-sale avenues contemplated by the parties. As the Financial Federal case demonstrates, it is not as easy as it sounds. 

“One Size does Not Fit All.”

Walter Scott Case
http://www.leasingnews.org/PDF/WalterScottCase_102014.pdf

Tom McCurnin is a partner at Barton, Klugman & Oetting
in Los Angeles, California.

Tom McCurnin
Barton, Klugman & Oetting
350 South Grand Ave.
Suite 2200
Los Angeles, CA 90071
Direct Phone: (213) 617-6129
Cell (213) 268-8291
Email: tmccurnin@bkolaw.com
Visit our web site at www.bkolaw.com
Previous Tom McCurnin Articles:
http://www.leasingnews.org

Previous Tom McCurnin Articles:
http://www.leasingnews.org/Conscious-Top%20Stories/leasing_cases.html

 

Check-in for community banks below $500M in assets
By Robin Majumdar

SNL Financial Feature

SNL's top-ranked community banks with less than $500 million in assets faced some struggles during the first half of 2014, as profitability declined and loan growth deteriorated for the majority of institutions on SNL's list.

Of the top 100 banks in SNL's 2013 ranking, 47 saw their adjusted Texas ratios improve, and 45 saw deterioration during the first six months of 2014. This was in contrast to SNL's list of top-performing community banks with between $500 million and $5 billion in total assets, where 69 institutions showed an improvement and 30 showed a decline during the same timeframe. One company among the top 100 with less than $500 million in assets, CapStone Bank, was acquired by NewBridge Bancorp in April.

Peoples Bank Midwest had the highest adjusted Texas ratio among the top community banks below $500 million in assets, at 23.18% at June 30. This marked an improvement from year-end 2013, when the bank's adjusted Texas ratio was 27.41%.

The bank also had the highest ratio of nonperforming assets to total assets among SNL's top-ranked banks, at 4.53% at the end of the second quarter. This was significantly lower than the 10.16% Peoples Bank Midwest reported in the second quarter of 2012. NOA Bank had the second-highest ratio of NPAs to total assets, at 1.98% at June 30.

For many of the top-ranked banks, asset quality has continued to strengthen since 2013. The ratio of net charge-offs to average loans improved during the first half of 2014 for 51 of the banks in SNL's ranking.

Meanwhile, many banks on the list contended with the same margin pressures that much of the banking industry is facing. Net interest margins declined for 75 of the community banks ranked in the top 100 during the first half of 2014.

Loan growth, too, proved challenging for some. Only 36 bank banks on SNL's top 100 saw loan growth improve during the first six months of the year. Greenville, Mo.-based Peoples Community Bank saw the highest loan growth at 150.68% through the first half of 2014, but that spike was largely due to a merger. Peoples Community Bank and Peoples Community State Bank had common ownership and merged. This structural change was reflected in Peoples Community Bank's financials, with loan growth climbing to $211.79 million for the second quarter of 2014 from $120.79 million at the end of 2013.

San Juan Capistrano, Calif.-based Capital Bank came in third place in SNL's 2013 ranking of community banks under $500 million, and was the best-performing bank that was publicly traded.

Note: For this ranking, SNL looked at commercial banks with less than $500 million in assets, 60 or fewer offices, and loan portfolios greater than one-third of total assets. Additionally, the banks' loan portfolios had to consist of less than 50% credit card loans, and no more than half of the banks' revenue could be from nontraditional banking activities. Companies with a parent with more than $500 million in assets were also excluded, except for those whose parents grew to more than $500 million in 2013 but have not yet filed on a consolidated basis. Moreover, banks had to be well-capitalized according to regulatory standards. Companies meeting these criteria received scores based on their rank in each of six metrics: pretax return on average tangible assets, net charge-offs as a percent of average loans, efficiency ratio, adjusted Texas ratio, net interest margin and loan growth.

 

Mr. Terry Winders available as a consultant regarding assisting attorneys in resolving disputes or explaining procedures or reviewing documents as utilized in the finance and leasing industry. He is the author of several books, including DVD's, as well as weekly columnist to Leasing News. He also performs audits of leasing companies as an expert on documentation, and has acted as an expert witness on leasing for litigation in legal and tax disputes, including before the IRS. He also has taught the senior bank examiners, how to review a bank leasing department, for the Federal Reserve in Washington D.C. and has trained the examiners for the FDIC on how to prepare a lease portfolio for sale. 502.649.0448/terrywinders11@yahoo.com

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

 

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Comcast home invasion lawsuit exposes risks
for home automation, security service providers
By Daniel Frankel, Fiercecable.com

Exposing the possible liability risks for providers of home automation and security services, Comcast (NASDAQ: CMCSA) is being sued by a Kirkland, Wash., family following a grisly home-invasion incident last year.

Leena Rawat said the Comcast security system installed in her Kirkland home didn't do what the cable company and its systems integrator, Pioneer Cable, promised it would do when two men, allegedly on a "thrill mission" of violence broke through a basement window in September 2013 and attacked her 18-year-old son, nearly killing him.

Rawat's lawyer concedes that Comcast waives such liability in its residential services contracts. But he will now test that clause in court. "If their argument is to be accepted, they could put in empty black boxes throughout the house and say, 'That's your system.' And then something goes wrong, and they say, 'We never promised you it would work,'" said plaintiff's attorney Ken Friedman, speaking to the local NBC affiliate.

Comcast responded with this statement: "We want to take this opportunity to extend our sympathies to the Rawat family. However, after a review of our records, we are confident that our home security system functioned properly."

As FierceCable noted in a 2013 feature story, Comcast has been the cable industry's leader as it goes after a home automation and security market worth as much as $13 billion.

Comcast is particularly bullish on the growth potential, with 41 percent of home automation/security subscribers being classified as new customers, and 64 percent of them ordering multiple services.

Of course, if that market were to suddenly be overrun with litigation and risks, the outlook could change significantly.

 

John Kenny Receivables Management www.jrkrmdirect.com • End of Lease Negotiations & Enforcement • Fraud Investigation • Credit Investigations • Asset Searches • Skip-tracing • Third-party Commercial Collections The Solution to Your Credit & Accounts Receivable Needs  John Kenny 315-866-1167 |  John@jkrmdirect.com

(Leasing News provides this ad as a trade for investigations
and background information provided by John Kenny)

 

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Holiday Retail Planner

Daily calendar that highlights key shopping days
Key benchmarks from last holiday season
Plan Your Work Days Around the Retail Planner

http://www.leasingnews.org/PDF/HolidayRetailPlanner_102014.pdf

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Geller Reports Confidence Up, Best in 6 Years

Dan Geller, Ph.D.

Dr. Dan Geller, Behavioral Finance, reports, "For the first time in 6 years, the Money Anxiety Index at 69.2 dipped below the 50-year average of 70.7 signaling improving financial confidence.

He said, "The recent decline in the level of money anxiety among consumers is attributed mainly to the encouraging employment news. In September, employers added 248,000 non-farm jobs bringing the three-month average to 224,000. The improvement in employment also means a likely increase in consumption as a result of widening payroll. The timing of the projected increase in consumption in the 4th quarter is especially important to retailers that are gearing up for a stronger holiday season sales.

 The money anxiety Index was developed by Dr. Dan Geller, who is an expert in behavioral finance, and the author of the book Money Anxiety (http://moneyanxiety.com/book.html)

##### Press Release ############################

Bob Neptune to Receive AGLF Leasing Award

RENO, Nev., --The Association for Governmental Leasing & Finance (AGLF) will honor Bob Neptune, a director with The Alta Group, with the 2014 Jay Terry Lifetime Achievement Award to be presented Nov. 6 at its annual conference in Tucson, Az. The award recognizes individuals who have made a lasting impact in this equipment financing sector.

Bob Neptune
Leader of the Alta Group’s
Government Financing
Practice

Bob is among six other executives to receive the award during the association’s history for “contributions that are above and beyond the everyday and have had a long, lasting impact on the association and the industry.”

Founded in 1981, the AGLF is a nonprofit association whose membership is comprised of companies actively engaged in governmental and non-profit leasing and finance. The AGLF’s Jay Terry Award is not awarded every year, only when the association board determines there is a worthy recipient. The first award went to Jay Terry, a municipal bond lawyer who was one of the original founders of the association and its long-time general counsel.

This year marks Neptune’s thirty-second year of participation in the AGLF, including seven years on the board, in addition to chairing and speaking at AGLF conferences. He was instrumental in reinstituting the Annual Non-Appropriation Survey as an AGLF resource. Prior to his roles in the AGLF he chaired the Municipal Industry Committee of the AAEL, now the Equipment Leasing and Finance Association. In that capacity he was responsible for creating a non-appropriation survey for this trade group as well.

Neptune, the lead consultant on government finance for Alta’s global consultancy, has devoted more than 30 years of his 42-year career to the industry. He is considered a pioneer in capital formation and alternative funding for municipal leasing with the development and sale of the first AAA-rated insured municipal lease securitization. 

He founded and served as CEO for six government finance businesses for some of the industry’s leading financial services firms. Four of these businesses also entered federal leasing markets.

After earning a business degree and completing military service, Neptune began working in bank lending and operations before co-founding an equipment leasing company in Kansas City in 1979, where he began his work in government leasing.”

Joe O’Brien, chairman of the AGLF, who called Bob a valued colleague and friend, personally thanked him and said, “His dedication and innovative approach embodies the cornerstone of our industry.”

About The Alta Group

The Alta Group is the leading global consultancy dedicated exclusively to the business of equipment leasing and asset finance. Since 1992, Alta has represented equipment leasing and finance companies, financial institutions, manufacturers and service providers, offering management consulting and expertise in global market entry, vendor and captive finance, professional development, legal services, asset management, mergers and acquisitions, and application consulting. For information on the group’s services in the United States and Canada, Latin America, Europe, the Middle East and Africa, China, and Asia-Pacific, visit http://www.thealtagroup.com.  

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Comdata SmartSight Wins CSP 2014 Retailer Choice Best
New Product Contest in the Technology-Hardware Category

Brentwood, Tenn. –– Comdata’s SmartSight, its fuel site controller system, was selected as the winner in CSP magazine’s 2014 Retailer Choice Best New Product Contest in the Technology-Hardware category. SmartSight was nominated by the publication for the award, and readers and convenience-store retailers voted for the nominees in their category.

Comdata, a leading provider of technology for the fuel industry, introduced its SmartSight equipment for unattended fueling sites last year. SmartSight processes diesel, gasoline and natural gas transactions from popular fleet, retail and proprietary fueling cards. The equipment allows fuel site owners to remain in communication with the fuel site. SmartSight provides the ability to monitor transaction data and pump controls in real time as well as manage site maintenance remotely through a robust Web portal, setting it apart from most other site controller systems.

As a leader in fleet and fuel merchant solutions with more than four decades of experience, Comdata provides tools and data to help customers drive successful business operations. Randy Morgan, executive vice president of fleet at Comdata, expressed his enthusiasm for being recognized as the winner in the Technology-Hardware category in CSP’s 2014 Retailer Choice Best New Product Contest.

Randy Morgan
Executive Vice President

“As a company, we are proud of our SmartSight system, and it is exciting that our team’s hard work has been acknowledged and voted by CSP readers and convenience-store retailers for such a prestigious award,” Morgan said. “We are honored that SmartSight has been recognized as one of the convenience retailing channel’s best new products of 2014. We strive to bring innovative products to the market that streamline business processes and provide real-time data insight.”

CSP award winners were selected by convenience-store retailers in the industry’s most significant new-product awards for 28 different categories from a pool of hundreds of products that were nominated. The contest included products released in the convenience-retailing format between Aug. 1, 2013, and July 31, 2014. Candidates were narrowed to a list of three in each category, chosen over the course of one month of online voting.

About Comdata
Comdata Inc. is a leading business‐to‐business provider of innovative electronic payment solutions. As an issuer and a processor, Comdata provides fleet and corporate payment solutions to over 20,000 customers. In 2013, Comdata managed over 625 million cards and processed over 1.4 billion transactions from over 48 countries and in 37 currencies. Founded in 1969 and headquartered in Brentwood, Tennessee with approximately 1,300 employees globally, Comdata enables over $54 billion in payment volume annually. For more information about Comdata solutions, call 1‐800‐266‐3282 or visit www.comdata.com.

 

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IRS Grants Tax Relief to Drought-Stricken Farmers
and Ranchers in 30 States

If you’re a farmer or rancher and drought forced you to sell your livestock, special IRS tax relief may help you.

The IRS has extended the time to replace livestock that farmers were forced to sell due to drought. If you’re eligible, this may help you defer tax on any gains you received from the forced sales. The relief applies to all or part of 30 states affected by drought. Here are several points you should know about this relief:

• If the drought caused you to sell more livestock than usual, you may be able to defer tax on the extra gains from those sales.
• You generally must replace the livestock within a four-year period. The IRS has the authority to extend the period if the drought continues. For this reason, the IRS has added one more year to the replacement period in 30 states.
• The one-year extension of time generally applies to certain sales due to drought.
• If you are eligible, your gains on sales of livestock that you held for draft, dairy or breeding purposes apply.
• Sales of other livestock, such as those you raised for slaughter or held for sporting purposes and poultry, are not eligible.
• The IRS relief applies to farms in areas suffering exceptional, extreme or severe drought conditions. The National Drought Mitigation Center has listed all or parts of 30 states that qualify for relief. Any county that is contiguous to a county that is on the NDMC’s list also qualifies.
• This extension immediately impacts drought sales that occurred during 2010.

However, the IRS has granted previous extensions that affect some of these localities. This means that some drought sales before 2010 are also affected. The IRS will grant additional extensions if severe drought conditions persist.

Get more on this relief in Notice 2014-60 on IRS.gov. This includes a list of states and counties where the IRS relief applies. For more on these tax rules see Publication 225, Farmer’s Tax Guide on IRS.gov. You can get a copy of it by calling 800-TAX-FORM (800-829-3676)

######Press Release ############################

 

Border Collie/Labrador Retriever
Willamette, Oregon  Adopt a Dog

Dillan
Animal ID: 23970669
Breed: Border Collie/ Retriever, Labrador
Age: 3 years
Sex: Male
Weight       49 pounds
Primary Color: Black
Neutered: Yes
Adoption Fee: $175.00
Location: Adoption Dogs
Family Rating:     PG 10+
Housetrained: Unknown

"Hi, my name is Dillan. I am a sweet 49 pound, 3 year old Collie mix. I'm a shy yet charming canine who is searching for kind owners with relaxed a lifestyle and enough patience to guide me and help me come out of my shell. I'll need exercise on a daily basis to be on my best behavior. I love to go for walks around the neighborhood. I also love to go to the park to play and lay in the sun. I do tend to be wary of new people and I get anxious in new situations, especially when there's a lot of activity. So, a quieter home with adults and possible some older calmer kids would suit me best. Treat me sweet and I'll blossom. If you love me, but can't take me home, please ask the staff about sponsoring. It's always appreciated."

Contact Form:
https://whs4pets.org/stay-informed/contact-us/?reason=Adopting&ID=23970669&petname=Dillan&Species=Dog

Shelter Hours
Mon/Thu/Fri: 12p-7p
Sat/Sun: 12p-6p
Tue/Wed: CLOSED
Phone

503.585.5900
Fax
503.585.7906

Willamette Humane Society
4246 Turner Rd SE
Salem, OR 97317

 

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

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Attorneys Who Specialize in 
Banking, Finance, and Leasing

Birmingham, Alabama The lawyers of Marks & Associates, P.C. have over 30 years experience in dealing with virtually every type of equipment financing and are recognized throughout the industry for prompt, practical solutions and exemplary service. They offer cost-conscious, effective lease enforcement and good counsel.  Email: Barry@leaselawyer.com Website: www.leaselawyers.com	California, National: city: Riverside  Ellen Stern - get results, reasonable pricing; numerous industry contacts, nearly 30 yrs exp.in SoCal, 20 yrs equip.: CFL license specialist, documentation, work-outs, litigated collections, recoveries; deal-maker.  Email: leaselaw@msn.com
Kenneth C. Greene California & Nevada Leasing and Financial consultant, active in several leasing associations, as well as involved in music and film productioncin LA.  Mention "Leasing News" for a free consultation. 818.575.9095 Skype: 424.235.1658 ken@kengreenelaw.com	Connecticut, Southern New England:  EVANS, FELDMAN & BOYER, LLC Collections, litigation, documentation, portfolio sales and financing, bankruptcy. We represent many of the national and local leasing companies doing business in this state. Past chairman EAEL legal committee. Competitive rates.  email: rcfeldman@snet.net
Los Angeles/Santa Monica Hemar & Associates, Attorneys at Law Specialists in legal assistance, including debt collection, equipment recovery, litigation for 35 years. Fluent in Spanish.  Tel: 310-829-1948  email: phemar@hemar.com
Los Angeles, Southern CA  Seasoned attorney representing secured creditors in auto finance and truck/equipment lease industry.  Bankruptcy and State Court litigation.   Vincent V. Frounjian (818) 990-0605or email: vvf@pacbell.net.	Encino, California: Statewide “ELFA”  Hemar, Rousso & Heald, LLP 30 yr excellent reputation Lessor representation commercial litigation, debt collection, and bankruptcy. Call Stephen E. Jenkins Esq (818) 501-3800
Los Angeles, Statewide: CA.     "ELFA" Aggressive creditors rights law firm specializing in equipment leasing handling collection matters on a contingency, fixed fee or hourly cbasis. email:RGarwacki@prodigy.net	Los Angeles, Statewide: CA      "ELFA" Practice limited to collections, bankruptcy and problem accounts resolution. Decades of experience. 10-lawyer firm dedicated to serving you. Call Ronald Cohn, Esq. (818)591-2121 or email. Email: rrcohn@aol.com
Los Angeles- Statewide, CA Lawyer specializing in banking and leasing issues statewide. Documents and litigation.  Tom McCurnin, Barton, Klugman & Oetting. Voice: (213) 617-6129  Cell:(213) 268-8291 Email:  tmccurnin@bkolaw.com	California & National Paul Bent – More than 35 years experience in all forms of equipment leasing, secured lending, and asset based transactions. Financial analysis, deal structuring, contract negotiations, documentation, private dispute resolution, expert witness services. (562) 426-1000. www.paulbentlaw.com
Illinois Trabaris, P.C.: Finance attorney with 24 years’ experience with transactional, documentation, secured financing and workouts/restructurings.  Kevin Trabaris.  Phone:  847-205-4377.  Email:kevin@trabaris.com Website: www.trabaris.com Blog: http://www.trabaris.com/info/blog/	Law Firm - Service, Dallas, TX. "ELFA" Mayer regularly practices in leasing, secured financing, project development and finance and corporate finance.  email: dmayer@pattonboggs.com Website: www.pattonboggs.com
Massachusetts (collection/litigation coast to coast)  Modern Law Group focuses its practice on collections, lease enforcement and asset recovery. For the past five years, our attorneys have helped clients recover millions of dollars. We are able to cover your needs coast to coast. Email phone 617-855-9085www.modernlawgroup.com	Michael J. Witt, experienced bank, finance, and leasing attorney, also conducts Portfolio Audits. Previously he was Managing Counsel, Wells Fargo & Co. (May, 2003 – September, 2008); Senior Vice President & General Counsel, Advanta Business Services (May, 1988 – June, 1997) Tel: (515) 223-2352 Cell: (515) 868-1067 E-mail: witt-legal@outlook.com  Web: www.witt-legal.com
National:  The OMEGA Network Group-nationwide legal representation of small and mid ticket equipment lessors-flat fee bankruptcy & replevin, contingent collection,  billable litigation (704-969-3280) tong_92@yahoo.com	National: Coston & Rademacher: Business attorneys serving the lease-finance industry since 1980. Transactional, documentation, corporate/finance, workouts, litigation, bankruptcy, portfolio management. Chicago-based national practice. Jim Coston, CLP (Members: ELFA, NEFA).  email: Jcoston@costonlaw.com Website: www.costonlaw.com
St. Louis County , MO. - statewide:  Schultz & Associates LLP., collections, negotiation, and litigation. Also register and pursue recovery on foreign judgments. Contingency and reasonable hourly rates.  Ronald J. Eisenberg, Esq. (636) 537-4645 x108  reisenberg@sl-lawyers.com www.sl-lawyers.com	NJ,De,Pa: Specializing in leased equipment/secured transactions. Collections, replevins/workouts reasonable rates. Sergio Scuteri/Capehart & Scratchard, PAsscuteri@capehart.com / www.capehart.com
New York and New Jersey Peretore & Peretore, P.C. documentation, portfolio purchase & sale, replevin, workouts, litigation, collection, bankruptcy.  Aggressive. Over 25 years experience.www.peretore.com	Thousand Oaks, California:  Statewide coverage Spiwak & Iezza, LLP 20+ years experience,Representing Lessors banks in both State/ Federal Courts/ all aspects of commercial leasing litigation. Nick Iezza 805-777-1175 niezza@spiwakandiezza.com

 

All "Outsourcing" Classified ads (advertisers are both requested
and responsible to keep their free ads up to date:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing.htm

How to Post a free "Outsourcing" classified ad:
http://www.leasingnews.org/Classified/Outsourcing/Outsourcing-post.htm

  

News Briefs----

VA Fires Four Senor Executives
http://www.nydailynews.com/news/politics/va-fires-employees-wait-time-cover-up-scandal-article-1.1966270 

Ex-bank manager accused of embezzling $5.2 million
http://www.daytondailynews.com/news/news/crime-law/bank-manager-accused-of-embezzling-52-million/nhdLx/

Yahoo under fire as Marissa Mayer faces critical moment
http://www.mercurynews.com/business/ci_26667874/yahoo-under-fire-mayer-faces-critical-moment

iPhone 6, iPhone 6 Plus Cases to Help You Beat the Bend
http://www.eweek.com/mobile/slideshows/iphone-6-iphone-6-plus-cases-to-help-you-beat-the-bend.html 

An Android Phone Can be Encrypted, Requiring a Password
http://www.networkworld.com/article/2689371/opensource-subnet/how-to-encrypt-an-android-device-in-5-steps.htm

 

Collector, Atlanta, GA Experienced, calling 11-90 day delinquent customers, assisting Asset Re-marketer with delinquency reporting, weekly reporting to home office. Sales, Chicago, Atlanta Work out of main office and satellite. Heavy phone sales calling on both independent dealers and end users (cold/warm calling), marketing, weekly reporting to management. Outside territorial salespeople will also be considered. Contact: Michael Testa 312-881-3133 mtesta@secondcityleasing.com www.secondcityleasing.com Financing for Commercial Truck & Trailer, Exotic, High Line, Vintage & Classic Automobiles, Taxi, Livery & Paratransit

 

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--You May Have Missed It

18 Surprising Things That Affect Whether You Get Hired
http://www.businessinsider.com/things-that-affect-whether-you-get-hired-2014-9

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SparkPeople--Live Healthier and Longer

11 Healthy Fall Comfort Foods
http://www.sparkpeople.com/resource/slideshow.asp?show=84

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Baseball Poem

TEDDY AT THE BAT
(With apologies to Ernest Lawrence Thayer)

By Dick Flavin (all rights reserved)

The outlook wasn't brilliant for the Red Sox nine that day,
The score stood four to two with but one inning left to play.
So when Stephens died at first and Tebbetts did the same
A pallor wreathed the features of the patrons of the game.

A straggling few got up to go, leaving there the rest
With he hope that springs eternal within the human breast.
They thought if only Teddy could get a whack at that—
They'd put even money now with Teddy at the bat.

But Dom preceded Teddy and Pesky was on deck.
The first of them was in a slump. The other was a wreck.
So on that stricken multitude a deathlike silence sat,
For there seemed but little chance of Teddy's getting to the bat.

But Dom let drive a single, to the wonderment of all,
And Pesky, of all people, tore the cover off the ball.
When the dust had lifted, and they saw what had occurred,
There was Johnny safe on second and Dominic on third.

Then from that gladdened multitude went up a joyous yell,
It rumbled in the mountains and rattled in the dell.
It struck upon the hillside and rebounded on the flat,
For Teddy, Teddy Ballgame, was advancing to the bat.

There was ease in Teddy's manner as he stepped into his place,
There was pride in Teddy's bearing and a smile on Teddy's face.
And when, responding to the cheers he lightly doffed his hat,
(I'm making that part up)
No stranger in the crowd could doubt 'twas Teddy at the bat.

Ten thousand eyes were on him as he wiped his hands with dirt,
Five thousand tongues applauded as he wiped them on his shirt.
Then when the writhing pitcher ground the ball into his hip,
Defiance gleamed in Teddy's eyes, a sneer curled Teddy's lip.

And now the leather covered sphere came hurtling through the air,
And Teddy stood a-watching it in haughty grandeur there.
Close by the sturdy batsman the ball unheeded sped.
“That ain't my style,” said Teddy. “Strike one!” the umpire said.

From the benches black with people went up a muffled roar,
Like the beating of the storm waves on the stern and distant shore.
“Kill him! Kill the umpire!” someone shouted on the stand,
And it's likely they'd have killed him had not Teddy raised his hand.

With a smile of Christian charity great Teddy's visage shown.
He stilled the rising tumult and bade the game go on.
He signaled the pitcher, and once more the spheroid flew.
But Teddy still ignored it, and the umpire said, “Strike two!”

“Fraud!” cried the maddened thousands, and the echo answered fraud.
But one scornful look from Teddy and the audience was awed.
They saw his face grow stern and cold, they saw his muscles strain,
And they knew that Teddy wouldn't let that ball go by again.

The sneer is gone from Teddy's lip; his teeth are clenched in hate.
He pounds with cruel vengeance his bat upon the plate.
And now the pitcher holds the ball, and now he lets it go,
And now the air is shattered by the force of Teddy's blow.

Oh, somewhere in this land of ours the sun is shining bright,
The band is playing somewhere, and somewhere hearts are light,
And somewhere men are laughing, and somewhere children shout.
And they're going wild at Fenway Park 'cause Teddy hit one out!

First recited by Dick Flavin for Ted Williams, Dom DiMaggio and Johnny Pesky at Ted's home in Hernando , Florida , October 23, 2001.

Repeated at Memorial Tribute to Ted Williams
Fenway Park, Boston, Massachusetts

Leasing News Baseball Poetry Collection
http://www.leasingnews.org/Poetry.htm

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Sports Briefs----

Giants edge Nationals 3-2 to win series, advance to NLCS
http://www.sfgate.com/giants/article/Giants-edge-Nationals-3-2-to-win-series-advance-5808148.php

Cowboys go to silent count because of opponent crowd noise
 ... in Dallas
http://sports.yahoo.com/blogs/nfl-shutdown-corner/cowboys-go-to-silent-count-because-of-opponent-crowd-noise-----in-dallas-214256522.html

Heat takes a toll on 49ers fans at Levi's Stadium
http://www.mercurynews.com/49ers/ci_26669386/heat-takes-toll-49ers-fans-at-levis-stadium

Ray McDonald case: San Jose cop moonlighting for 49ers spurs internal review
http://www.mercurynews.com/crime-courts/ci_26676115/san-jose-cop-moonlighting-49ers-spurs-internal-review

49ers try to quell Jim Harbaugh storm (w/video
http://www.pressdemocrat.com/sports/2929135-181/49ers-try-to-quell-jim

 

[headlines]
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California Nuts Briefs---

Drakes Bay Oyster Co. agrees to shut down (w/video)
http://www.pressdemocrat.com/news/2927908-181/drakes-bay-oyster-co-agrees

California water use drops 11.5 percent in August
http://www.sacbee.com/2014/10/07/6767946/california-water-use-drops-115.html

Really rich real estate: San Francisco’s five most expensive property tax bills
http://blog.sfgate.com/ontheblock/2014/10/06/really-rich-real-estate-san-franciscos-five-most-expensive-property-tax-bills/?cmpid=hp-hc-realestate#27254101=0&27258103=0

Cops give 4-year-old his police dream
http://www.utsandiego.com/news/2014/oct/07/boy-motorcycle-cop-for-day-san-diego-police/

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“Gimme that Wine”

http://www.youtube.com/watch?v=EJnQoi8DSE8

Wine: Oakville cabernets
http://www.mercurynews.com/eat-drink-play/ci_26657524/wine-oakville-cabernets 

Robert L. Hall, owner of Robert Hall Winery, dies at 85
http://pasoroblesdailynews.com/robert-l-hall-owner-robert-hall-winery-dies-85/27243/

John Sarich, pioneer of NW food and wine
http://seattletimes.com/html/obituaries/2024715720_
sarichobitperdue1xml.html

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

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

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

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