Monday, October 9, 2006 Columbus Day
“I never landed in either South or North America, and thought it was India, that's why I called the natives ‘Indians.' By the way, it was on October 13th , but we thought that unlucky, so we changed the log to October 12th . I also died a very rich man bringing back Tobacco that addicted everyone in Europe, plus a lot of Indian slaves to Spain, and whoever paid the most, after four trips to the Caribbean Islands we basically de-populated the area.” Today is also Leif Ericson Day 1000- Norse Explorer Leif Ericson lands in North America, discovering what is to become the United States. 1964 President Lyndon B. Johnson, backed by a unanimous Congress, proclaimed October 9th "Leif Ericson Day" in commemoration of the first arrival of a European on North American soil. Headlines--- Archives—Oct 9, 2000 “The List” ######## surrounding the article denotes it is a “press release”
----------------------------------------------------------------- Archives—Oct 9, 2000 “The List” The List "It is merely an informal recap of major changes. Those major changes may not necessarily be adverse changes, as when a leasing company that is struggling for funding is acquired by a major bank...It merely puts lease brokers and small leasing companies on alert that there may be some policy changes at their funding sources." Bruce Kropschot 44 Leasing Companies Major Changes any corrections, additions, or comments are appreciated. ---------------------------------------------------------------- Classified Ads—Web Sites
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---------------------------------------------------------------- AllServe Founder out on Bail in India The Dinesh Dalmia trail gets hotter Recent developments, in India and in the US, make a proper probe and clean-up imperative by SUCHETA DALAL www.financialexpress.com The timing is uncanny. India's notorious financial swindler, Dinesh Dalmia, got bail in a third case at the end of September and, barring a couple of cases in Chennai that will come up for bail hearings in the coming weeks, he seems set to roam free (but on bail) for the next couple of decades. After all, that is how long it takes for court cases in India to wind their way through the excruciatingly slow process of litigation and appeals. Meanwhile in the US, he has already been indicted in absentia for a $19 million equipment leasing and wire-financing fraud; he and a couple of his associates were indicted on 10 separate counts of money laundering. The slickness of Dalmia's sales pitch to financiers is evident from the list of companies that he has defrauded. These included GE Capital Finance of Danbury, CitiCapital Technology Finance of Mahwah, New Jersey, and Fifth Third Leasing Company of Cincinnati, Ohio. Dalmia had acquired a new persona in the US and went by the name of Nick Mittal. He is also rumoured to have traded through Kolkata brokers under that name. The leasing fraud itself was perpetrated through three companies — Allserve, Vanguard Info Systems and B2B. One of Dalmia's tricks has been to register what he calls “mirror companies” in different countries to confound and trick people. For instance, he registered Allserve and Vanguard in India, US and UK. The US companies fraudulently leased equipment, but stopped paying creditors and filed for bankruptcy within months of signing the lease deals with financiers. In January 2006, the British and Indian operations also folded up. It is pertinent that Indian investigation agencies made little attempt to track down their operations or link them to Dalmia despite repeated reports, certainly by this newspaper, on their multi-location operating centres. Dalmia seems to have fooled US companies regarding his high net worth through a fancy lifestyle. This included a $1.9 million home in New Jersey and a red Ferrari, which was also financed. The court is now trying to recover $19 million and has had his luxury mansion forfeited. This is apparently just the tip of Dinesh Dalmia's laundering activities in the US. He is, in fact, believed to have defrauded financiers to the tune of $130 million or more, of which over $30 million is owed to British financiers. Some of these frauds are already the subject of a trial in a federal court following a criminal complaint against him in March. The elaborate scheme to defraud lenders involved assembling worthless equipment obtained from used computer dealers to represent hi-tech offices and creating fraudulent documents, contracts and invoices for large business orders. Dalmia, it may be recalled, came into the limelight at the turn of the century for his brazen manipulation of the shares of DSQ Software and DSQ Biotech, initially in cahoots with scamster Ketan Parekh. He was then involved in a series of shenanigans on his own, which included an illegal 50% increase in the capital of DSQ Software, without informing shareholders or stock exchanges; dubious placement of shares, repeated restructuring of the companies, clandestine alienation of their overseas operations, frequent name changes and, finally, selling off the most lucrative contracts of DSQ Software to Ramesh Vangal's Scandent Technologies, again without informing his board of shareholders. After that, Dalmia fled to the US and the Central Bureau of Investigation (CBI) issued a ‘red corner' notice against him. However, he seems to have taken enough money out of India to start a fresh series of scams, this time to defraud several US companies. The US indictment is a major embarrassment for Indian investigators, especially for the ED, the CBI and the Serious Fraud Investigation Office The US indictment is a major embarrassment for Indian investigators. Especially for the Enforcement Directorate (ED), CBI and the Serious Fraud Investigation Office (SFIO), which have done precious little to track Dalmia or investigate his activities, despite repeated reports by this columnist. After Dalmia's indictment in the US, the agencies have set up a multi-disciplinary committee to investigate his dealings. Since Dalmia has already been indicted following a detailed investigation, this only seems like a cover-up exercise and may include some foreign trips for the investigation officials. So far, Sebi has slapped crippling penalties on Dalmia. The ED has also slapped penalties on DSQ Software and DSQ Biotech, but did precious little to take its action forward in obvious directions. Only the Kolkata police have been doggedly and persistently following up the illegitimate preferential allotment of 1.3 crore DSQ Software shares to his own companies. While Dalmia and his associates face a prison term of up to 30 years in the very first indictment, his troubles in the US may be just beginning. The elaborate fraud that he conceived and executed was recently reported to a House Sub-committee on Oversight and Investigation of the US Congress. While the hearings at an open forum on September 29 were mainly on outsourcing and pretexting, US journalist Christopher Byron, who exposed several of Dalmia's swindles in that country, drew the committee's attention to his astonishingly brazen scams. If the Congressional sub-committee takes this seriously, it would not only mean more problems for Dalmia, but serious embarrassment for India's outsourcing operations in general. It is one good reason why the government must ensure a proper investigation into Dinesh Dalmia's doings, as well as a clean-up of the BPO industry, whose reputation has taken a repeated bashing in recent times. ---------------------------------------------------------------- Funder List---- by Christopher Menkin, editor If the company you are dealing with is not on this list, please go to the “broker/lessor” list. Many companies act as if they are a “funder,” and do not meet the definition of 50% of their business recourse, making the credit decisions themselves, and a host of other normal funder activities. It is always amazing why they think it is better to be what they are not as brokers, vendors, and others usually find out after the first transaction is completed. In reality, mortgage brokers, real estate brokers, insurance brokers exist and do very well against major national companies and internet roulette processing. In getting the best seat and ticket for the price or best room for the price and availability, I always do better by contacting a representative on the telephone than going through what is available on line. Don't get me wrong as I am a big fan of the world wide web, but you don't need to be a funder to help your customer. Another common It is common to see press releases published on line by others where the party claims they are a funder. Often they are only two to three employees, trying to attract other broker business. Some even work out of their house. Not that there is anything wrong with that, but why pretend you are a “funder” when you are not. Many join a leasing association as a funder, who accepts their annual dues but doesn't question their abilities. In verifying membership, most are members as “broker/lessor,” and also saw several as a “service provider” and “consultant.” Of course, I have also seen some legitimate funders registers as members under the lower cost “broker/lessor.” Some of these pretenders also take out advertising in Google and Yahoo, and other sites and newspapers (USA Today) that do no investigation as to their abilities (one even says they do $13 billion a month, plus mortgages, factoring, and vehicle---“Get a free one year car wash when you lease from us.” They certainly are out to hose someone because there is nothing wrong with being a “lessor” or a “broker” or doing both, including some funding on a limited basis---but the belief that a “funder” is more acceptable to the public over rides their actual function and service to their clients. There are 25 new funders, 10 new captive lessors and 100 new brokers to be added, plus news stories to be added. The project has become larger than anticipated.
---------------------------------------------------------------- Top Stories--October 2-6
Here are the top ten stories most "opened" by readers last week. (1) Dwight Galloway, CLP: What me Worry? (2) Two Arrests in AllServe Scam (3 ) Leasing 102-by Mr. Terry Winders, CLP (4) Alert --- EFS Enterprises, Scottsdale (5 ) NetBank Chair/CEO Steps Down, More Changes (6) Liberty Leasing joins “Funder List” (7) Sales make it happen—by C. Menkin (8) Archives-2000- US Bancorp Merges w/Firstar (9) Main Street Opens Healthcare Office (10) Jimmy Frank joins Sterling Savings Bank Leasing News Extra http://www.leasingnews.org/archives/October%202006/10-02-06-extra.htm
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---------------------------------------------------------------- Leasing 102 “Leasing Term Confusion” by Mr. Terry Winders, CLP
Leasing Term Confusion Federal income tax terms became popular after the introduction of Revenue Ruling 55-540 in 1955. They established a term “ True Lease ” to mean a lease that followed the tax interpretation of a “true” owner and therefore was allowed to recover the investment in the equipment, called “ capital recovery ,” by depreciating the equipment, according to the allowed depreciation schedules. Today that schedule is called “MACRS depreciation” or the Modified Accelerated Cost Recovery System. In those days we used a term for a lease that did not meet these standards as a “finance lease” or a “ money over money ” transaction. However, the term “ finance lease ” means something very different today In 1975, when the F inancial A ccounting S tandards B oard created the “standard” SFAS #13, the term “Capital Lease” or “Operating Lease” were used to refer to the classification of a lease for GAAP (generally accepting accounting principles.) The accounting standards are following economic rules that may be in conflict with the legal or tax requirements and therefore should not be used when referring to a lease for federal income tax or legal matters. A lease that is for 36 months and has a Fair Market Value purchase option will be a true lease for income tax--- and an Article 2A lease for legal, but if it fails the 90% test for SFAS #13, it will be a capital lease and look like a loan on the books of a lessee. In addition in 1988 when Article 2A was established for legal leases, they began using the terms “two party and three party” leases to separate a lease from an equipment supplier (two party) and a lease from a financial source (three party) that was not the equipment supplier and called this lease a “finance lease”….replacing the use of the term as a “non-tax” lease. We currently call a lease that fails both the legal and tax lease rules a “non-lease”- lease. Because of the differences in the rules, you need to ask yourself “what is the nature of my question” is it a tax question, or as legal question, or an accounting question and then apply the correct rules and the correct terms. An operating lease is not always a tax lease just as a capital lease is not always a loan for legal or tax. They must be viewed separately according to each set of rules. (Mr. Winders will go further into this in future articles, including the economic value position. Mr. Winders invites you to reach him directly for any questions, particularly those who did not fully understand his last column, which has great value once understood: “How to Participate in True Leases” http://www.leasingnews.org/archives/October%202006/10-02-06.htm#102 Mr. Terry Winders has been a teacher, consultant, expert witness for the leasing industry for thirty years and can be reached at leaseconsulting@msn.com or 502-327-8666 ---------------------------------------------------------------- Telephone Evergreen Leasing Action Line: Elderly aunt rings up mighty big phone bill By Dennis Rockstroh San Jose Mercury News Q My 84-year-old aunt has been leasing the same 1948 rotary telephone from AT&T since 1948. She said there was an option in the early 1980s to return the equipment and buy your own; however, she did not want a new or different telephone. It is still hard-wired in her 1947 Willow Glen home, which she also does not want changed. So she pays $14.85 for this 1948 phone lease every three months since at least 1981. Sandy Provasi A. I gave it a try, Sandy. You're right. It's crazy. This phone has cost more than $1,500 and counting! ``I understand from your inquiry that Ms. Bisordi is very happy with her equipment and does not want to change it at all,'' the company's John Skalko e-mailed me. ``If that is true, we do not have an option that would reduce her quarterly bill.'' How about the fairness option? Here's Skalko's e-mail address in case you would like to tell him what you think:
-------------------------------------------------------------- Explorer Loosing Market Share
Internet Explorer continues its downward trend to end the month of September at 82.10%, according to netapplications.com. While the Microsoft Internet Explorer is dominant, Firefox continues to rise with a market share of 12.46%. Apple's Safari continues to rise with 3.53% with Opera and Netscape staying steady. Firefox released its 2.0 version towards the end of the month therefore it's hard to tell what percentage of Firefox users that have adopted the new version. Since its release, Internet Explorer 7.0 shows 2.12% for the month of September. Internet Explorer continues to lose market share with Firefox and Safari showing a steady increase over the past 9 months. --------------------------------------------------------------
Key Equipment Finance Enhances Client Support with Realignment
Key Equipment Finance, one of the nation's largest bank-held equipment financing companies and an affiliate of KeyCorp (NYSE: KEY), today announced that the company is realigning its resources in order to more effectively meet the needs of customers worldwide.
Paul A. Larkins, president/CEO Paul A. Larkins, president and CEO of Key Equipment Finance announced a broad reaching series of organizational changes intended to allow the company to maintain and grow many of its industry leading specialty sectors. “Today's announcements are game-changing advances that will exploit our direct, vendor, advisory and distribution excellence. Clients will benefit from our increased focus on both equipment and industry vertical market delivery and world class service,” said Larkins.
President and COO, Commercial Leasing Services As part of the reorganization, Adam Warner has been named president and COO of Key Equipment Finance's commercial leasing services business. In this capacity, Warner will oversee the company's national commercial and bank-based equipment leasing efforts, as well as leasing programs designed for the aviation and commercial vehicle market segments. Warner joined Key Equipment Finance as president and chief operating officer, express leasing services, in August 2001.
President and COO, Global Vendor Services Additionally, Karen Larson will remain the president and COO of Key Equipment Finance's global vendor services unit. Larson will be responsible for overseeing lease programs for all of the company's vendor customers, including equipment manufacturers, equipment dealers and distributors worldwide. She will also have responsibility for continued growth in key vertical markets including information technology and office products, construction and industrial, healthcare and government finance. Larson has more than 20 years experience in the equipment leasing industry and has served as president and chief operating officer of Key Equipment Finance's global vendor services unit since 2000.
Managing Director, Lease Advisory and Distribution Services Steve Dixon, managing director of Key Equipment Finance's lease advisory and distribution services unit, will now oversee the company's syndication and leveraged leasing services, in addition to continued leadership of the company's advisory services and product support to KeyCorp's institutional banking division. Dixon has more than 30 years experience in corporate finance and leasing. He joined Key Equipment Finance in 1997. “Over the last decade, Key Equipment Finance has become a leader in the global equipment finance industry by offering client focused, reliable and consistent solutions in an environment of significant acquisitions and seismic shifts in our industry. As a core business of KeyCorp, we need to continue to align ourselves with our clients' changing requirements,” said Larkins. “We are constantly looking for ways to better meet the needs of our clients, and these changes in our structure will enable us to better align our resources with what we're seeing, and anticipate, in the market. I am confident that, with our changes, clients worldwide will find Key Equipment Finance even easier to access and work with.” About Key Equipment Finance Key Equipment Finance is an affiliate of KeyCorp (NYSE: KEY) and provides business-to-business equipment financing solutions to businesses of many types and sizes. They focus on four distinct markets: • businesses of all sizes in the U.S. and Canada (from small business to large corporate); Headquartered outside Boulder, Colorado, Key Equipment Finance manages a $12.6 billion equipment portfolio with annual originations of approximately $5.7 billion. The company has major management and operations bases in Toronto, Ontario; Albany, New York; Chicago, Illinois; Houston, Texas; London, England; and Sydney, Australia. The company, which operates in 26 countries and employs 1,100 people worldwide, has been in the equipment financing business for more than 30 years. Additional information regarding Key Equipment Finance, its products and services can be obtained online at KEFonline.com. Cleveland-based KeyCorp is one of the nation's largest bank-based financial services companies, with assets of approximately $95 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. Sites of Reference: ### Press Release ###########################
NetSol Technologies Restructures Key Roles and Streamlines Organization; Three Senior Officers Assigned to Newly Defined Global Regions
The North American Region - Appointed as President of the region: John McCue. (CEO of recently acquired McCue Systems)
The European Region - Appointed as President of the region: Naeem Ghauri. (former CEO of NetSol Technologies Inc.)
The Asia Pacific Region - Appointed as President of the region: Salim Ghauri. (former President NetSol Technologies Inc.) NetSol Technologies Chairman to Oversee Strategic Growth Initiative as New CEO CALABASAS, CA -- -- NetSol Technologies, Inc. (NASDAQ: NTWK), a U.S.-based, multinational provider of enterprise software and services for equipment financing, today announced a strategic growth initiative for senior management to effectively manage and capitalize on the company's recent expansion into new and existing markets around the world. Effective immediately, all of NetSol's business interests will be divided into three global regions that will govern the company's strategic growth initiative. Also effective immediately, Najeeb U. Ghauri, NetSol Chairman of the Board, will add to his duties as Chairman the responsibilities of chief executive officer to oversee the initiative. "It has been a pleasure to serve as NetSol's CEO over the past five years," said Naeem Ghauri. "I will cherish the time and the knowledge that I have made a significant contribution to the success of NetSol. I'm excited to take the reigns as president of the newly defined European Region and believe the Board's organizational changes have created an organization sharply focused on growth and profitability." "Keeping in step with our growth strategy, we have appointed three senior executives to manage our expanded global presence, allowing us to take full advantage of our recent acquisitions and infrastructure enhancements, and to manage the dramatic increase in our personnel," said newly appointed CEO Najeeb Ghauri. "The NetSol Board and senior management recognized the need for an approach where management will be tasked with direct ownership for each of the defined regions to ensure improved results and financial efficiency," commented Najeeb Ghauri. "The assignment of current management personnel will streamline operations and solidify the inclusion of the company's recent U.S. acquisition under one corporate umbrella. "We appreciate Naeem Ghauri's dedication and the tremendous progress made within the company under his guidance as the company's chief executive officer," said Najeeb Ghauri. "As president of the newly formed European Region, Naeem will now have the time to focus his energy entirely on expanding NetSol's footprint within Europe to capture the significant growth potential in the equipment finance industry." When companies become diverse in their product lines and generate significant revenues from the licensing, maintenance and service of those products in a global setting, it is very important that a single individual be responsible for leadership and profit and loss. A direct benefit from this initiative is the streamlining of internal corporate communications between the regions and the divisions within those regions. Each region will be aware of the activities of the other regions which will reduce redundancies and provide a platform for effective cost controls. These important decisions were made by NetSol's Board based on the expertise and years of unparalleled experience of the officers and founders of both NetSol and McCue Systems. "NetSol can now leverage the industry expertise of its management team to control assets and successfully address the company's expanded sales force, IT integration, and new global governance requirements, while maintaining its dedication to return on investment and growth," said Najeeb Ghauri. Najeeb Ghauri Founder, Chairman and CEO Najeeb Ghauri was elected Chairman of the Board of Directors of NetSol Technologies, Inc., in February 2003. He was also the interim CFO from June 2002 to July 2005. Mr. Ghauri was the founder of the parent company, NetSol Technologies, Inc. (formerly Mirage Holdings, Inc.). He became the President and CEO of NetSol Technologies, Inc. in April 1997, and held that title until August 2001. Mr. Ghauri was very instrumental in the completion of the IPO in 1998 and responsible for restructuring the company's business model into that of an IT company in 1997-1998. He also spearheaded the successful listing of NetSol to NASDAQ Small Cap in December 1999; and on September 13, 2006, Mr. Ghauri presided over the closing bell for NetSol at NASDAQ Exchange. Prior to launching NetSol in the U.S., Mr. Ghauri had over 15 years of combined marketing and management experience with Fortune 500 companies such as Unilever and Atlantic Richfield Corporation (ARCO). He received his bachelor's degree from Eastern Illinois University, and earned an MBA in marketing from the Drucker School of Management at The Claremont Graduate School. In 2001, Mr. Ghauri was a nominee for the Ernst & Young 'Entrepreneur of the Year' award in California. Mr. Ghauri is a founding member of USPBC (US-Pakistan American Business Council) and was elected as its Vice Chairman in spring 0f 2006. Mr. Ghauri has lived in the U.S. since 1977 and became a U.S. citizen in 1990. About NetSol Technologies, Inc. NetSol Technologies is a U.S.-based multinational provider of enterprise software and services for equipment finance. Headquartered in Calabasas, CA, NetSol Technologies, Inc. operates on a global basis with locations in the U.S., Europe, East Asia and Asia Pacific, including: London, Los Angeles, San Francisco, Sydney, Beijing, Toronto, and Lahore, Pakistan. The NetSol family of products includes: the LeaseSoft Contract Management System, LeaseSoft Credit Application Processing, LeaseSoft Wholesale Finance System, LeaseSoft Premium Finance System, LeaseSoft EPO system, and the LeasePak system. NetSol clients include: Motorola, CitiGroup, BMW, Toyota, Yamaha, Quest Communications, and Investec. NetSol's largest customer: DaimlerChrysler Services, a division of DaimlerChrysler, the world's fifth-largest carmaker, ranks NetSol as a preferred vendor in 40-plus countries. NetSol Technologies helps its clients identify, evaluate and implement technology solutions to meet their strategic business challenges and maximize their bottom line. By utilizing its worldwide resources, NetSol Technologies delivers high-quality, cost-effective equipment finance portfolio management solutions and IT services ranging from consulting and application development to systems integration and outsourcing. NetSol Technologies' commitment to quality is demonstrated by its achievement of both ISO 9001 and SEI (Software Engineering Institute) CMMl (Capability Maturity Model) Level 5 assessment. For more information, visit NetSol Technologies' web site at www.netsoltek.com. ### Press Release ###########################
News Briefs---- Oil Rises Above $60 as OPEC Cuts Supplies Citigroup eyes bank purchases outside U.S. Many US farms hurt by lack of workers African American Teen Unemployment Jumps 12% - Seven Times the National Average Wozniak sets record straight with awkward, charming style ---------------------------------------------------------------
You May have Missed--- NetBank CEO gets millions in severance ---------------------------------------------------------------
Sports Briefs---- Bears buffalo Bills Rivers, Chargers come of age 49ers burst through in the second half http://www.sacbee.com/111/story/35628.html Hostile takeover: Cowboys lose at Philly Torre under fire for Yankees failure ----------------------------------------------------------------
California Nuts Briefs--- Schwarzenegger, Angelides spar on TV Debate ----------------------------------------------------------------
“Gimme that Wine” The 2005 Rieslings may be the best in a generation. Wineries doing a big business in Wisconsin, including in northern Wisconsin Chef Thomas Keller Receives Second Three-Star Michelin Rating Wine Prices by vintage ----------------------------------------------------------------
Calendar Events This Day Canadian Thanksgiving Columbus Day Hawaii: Discovery Day Leif Ericson Day Japan--National Health-Sport Day Korea: Alphabet Day (HANGUL) National Kick-Butt Day. Native American's Day (South Dakota) Peru: National Day of Honor Uganda. Independence Day United Nations: World Post Day Virgin Islands. Friendship Day Yorktown Victory Day ----------------------------------------------------------------
Amazon: The Amazon rainforest produces more than 20% of the world's oxygen supply. The Amazon River pushes so much water into the Atlantic Ocean that, more than one hundred miles at sea off the mouth of the river, one can dip fresh water out of the ocean. The volume of water in the Amazon river is greater than the next eight largest rivers in the world combined and three times the flow of all rivers in the United States. http://www.amazonfund.org/about_af/
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Today's Top Event in History 1857-Joseph C. Gayetty of New York City manufactured toilet paper of unbleached pearl-colored pure manila hemp paper. His name was watermarked on each sheet. It sold at 500 sheets for 50 cents and was known as “Gayetty's Medicated Paper—a perfectly pure article for the toilet and for the prevention of piles.” It did not catch on with the public. The first toilet paper to be marketed successfully was introduced by Edward and Clarence Scott of Philadelphia, PA, who sold it in small rolls in 1899. Their son Arthur Scott invented what we call today, “Paper Towels.” ----------------------------------------------------------------
This Day in American History 1000- Norse Explorer Leif Ericson lands in North America, discovering what is to become the United States. World Series Champions This Date 1928 New York Yankees --------------------------------------------------------------
Baseball Poem The Call of the Brook Whene'er a gentle shower falls I want to take a line and hook, The green upon the gracefu1 elm, This angling is a sport for kings, And as I hit the homeward route I like their flavor, it is true For narrow is the soul of him Verdigris Valley Verse -------------------------------------------------------------- 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 -------------------------------------------------- |
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