Monday, October 16, 2006
Headlines--- Classified Ads---Operations ######## surrounding the article denotes it is a “press release”
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Saint Laurent , Malaga , Washington . Saint Laurent is a family name and was the saint patron of grape growers and vintners. Nestled in the Columbia Cascade wine region, Saint Laurent reflects old world charm and hospitality. The majority of our vineyards are located in the desert suns of the Wahluke Slope, which is in the world-renowned wine growing region of the Columbia Basin . * These job-wanted ads are free. We also recommend to both those seeking a position and those searching for a new hire to also go to other e-mail posting sites: In addition, those seeking employment should go to the human resource departments on company web sites for funders, captive lessors, and perhaps “broker-lessors.” To place a free “job wanted” ad here, please go to: Orange County , CA East Windsor , NJ New York, NY Wayne , NJ For a full listing of all “job wanted” ads, please go to: * http://www.saintlaurent.net/index.php?page_id=1 ---------------------------------------------------------------- Leasing Association Events-Meetings Open to All
October 31,2006 The National Funding Association-Charlotte will host a networking luncheon at The Palm on October 31, 2006; doors open at 11:30 am. Our speaker will be John Silvia, Chief Economist, Wachovia Corp. Details and Registration Form will be posted on the Calendar Page. National Funding Association, Inc. --------------------------------------------------------------------------------
Renaissance Concourse Hotel This year's meeting boasts 40 exhibitors that you can meet with face to face in addition to the networking opportunities and education being offered!For those members who have not yet redeemed their $50 Member Benefit Voucher, this would be a great time to redeem it with your registration before it expires on December 31, 2006. If you haven't registered yet – Send It In Today! Don't miss out on your chance to meet with all of these exhibitors! 2006 Eastern Regional ExhibitorsACC Capital Corporation
And...NEW MEMBERS who join the NAELB and attend the regional, get the rest of this year's membership free plus a $50 credit towards their 2007 dues. REGISTRATION FEES
ROUND TABLE DISCUSSION TOPICS Round Table Discussions have been added to this year’s agenda in lieu of educational sessions. Below is a list of possible topics for these round tables. Please select 10 discussion topics you would like to have on the agenda for the Western Regional. The top selections will be discussed at the meeting.
Registration form, click here: | ---------------------------------------------------------------
November 8, 2006 Join Us For Meet Your Funders: Each Funder Will Have The Floor For
WHEN: Wednesday November 8, 2006 Includes: Meeting, 3 games, Shoe Rental, Pizza, To RSVP your spot and for additional information, click here. ---------------------------------------------------------------
UAEL North Central Regional Event
Chicago Christmas Party Thursday, December 7, 2006 Maggiano's Maggiano's Chicago is a well know Italian Eatery located in Beautiful Downtown Chicago. Come and Join us "Mingle and Jingle" in this years holiday season. There will be a 50/50 raffle to benefit The United States Marine Corp, "Toys For Tots" in honor of all our brave men and women that have and are serving in our armed forces. Ticket will be sold for $1.00 each. This year we will also have "Door Prizes." Each attendee will receive (1) ticket/chance to win upon their arrival compliments of UAEL and our sponsors. This was well received in previous years and all we can say is, "Good Luck!!!!!" Cost to Attend Menu I would like to take this opportunity to extend a Happy Holiday and a great big "Thank You" to all our sponsors on behalf of the "United Association of Equipment Leasing" for all your support over the years. Without your continued support, events such as this would not be possible. I look forward to seeing you all soon at the "4th Annual Midwest Holiday Party" to "Mingle and Jingle... Happy Holidays, Bill Griffith List on Sponsors: Swanson, Martin & Bell, LLP - Joseph P. Kincaid, Esq.
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Bonus for boss as Lend Lease slips by Florence Chong www.theaustralian.news.com.au LEND Lease Corporation chief executive Greg Clarke received an ex-gratia bonus of $2.2 million in the 2005-06 financial year, according to the company's annual report released yesterday. The bonus lifted Mr. Clarke's salary package by 35 per cent to $8.22 million for the year. The bonus came even though Lend Lease underperformed the broader share market in 2005-06, delivering a total shareholder return of just 11.2 per cent compared with the S&P/ASX 200 index returning 23.7 per cent. Institutional and retail shareholders yesterday expressed concern over the size of the pay increase. Australian Shareholders Association chairman Stephen Matthews said Lend Lease chairman David Crawford should "explain more clearly the reason for the additional $2.2 million, which was outside the principles spelt out in the remuneration report". Mr. Matthews said that as the reasons were "not satisfactorily explained" it was difficult to see the link between the payment and performance. Richard Gilbert, chief executive officer of the Investment & Financial Services Association, said salary increases granted to executives needed to be benchmarked and clearly disclosed. Lend Lease's group head of compensation John Reed told The Australian yesterday that the bonus was for long-term incentives granted to Mr. Clarke. The incentives, measured against total shareholder return, were not vested in 2003 and had lapsed. He said the board took the view that the situation in 2003 did not reflect the performance of the company. Lend Lease's share price had risen from $8.35 in July 2003 to $13.99 at the end of June 2006, he said. Yesterday, Lend Lease's shares closed at $16.82. Mr. Reed explained that in approving the bonus the board considered the performance of the business as a whole and not just measuring it against shareholder value. The board compared it with 18 global peers of Lend Lease (including Leighton Holdings, British Land and Westfield Group) when making its decision. "It considered it appropriate to make a performance payment because of the significant increase in shareholder value and the consistency of performance," said Mr. Reed. Mr. Reed said Lend Lease had stabilized and was positioned for a good future. In August, Lend Lease reported an 84 per cent increase in annual net profit to $415.2 million, boosted partly by a $64 million property revaluation in 2005-06. In the annual report, the company reiterated its optimism in the future growth opportunities of the group. ---------------------------------------------------------------- Leasing 102 To prove intent you must “act” like a lessor and not a lender. by Mr. Terry Winders, CLP
One of the most revealing documents that service the leasing industry is the 1984 “ Joint Explanatory State of the Committee of Conference.” When Congress was tabling the Finance Rules until 1988, (passed in 1982, that were to be implemented in 1984 and then they were done away with in 1986) they needed to state why they were doing this and what was their understanding on tax leasing. Therefore, this document represents Congresses view of tax equipment leasing. It states; “Tax rules generally are not written in the Internal Revenue Code. Instead, they evolved over the years through a series of court cases and revenue rulings and revenue procedures issues by the Internal Revenue Service.” This means that a complete study of tax cases plus the presentations by the IRS are required to get a “feel” for what is acceptable to be considered a “True Lease” It does give congresses view of a conventional lease under “Underlying Principles”. The conference document states the concept of economic substance is most important issue and the burden of proof is with the tax payer. That means you must “prove” it was your “intent” to enter into a lease. To prove intent you must “act” like a lessor and not a lender. A lessor assumes the risk of ownership and does not allow the lessee any equity position at any time, hence no down payments, trade inn's or bargain purchase options. In addition to “prove” the equipment has at least 20% remaining useful life at lease termination you must not offer a lease term for greater than 80% of the equipments useful life. For this you need to record how the equipment is going to be used, otherwise, how can you prove your lease term is under the 80% useful life requirement. Also, you need to remember that MACRS depreciation is an expense you may take or not take, however the other side of the coin is the requirement to take all rent received as income. Most leases with FMV purchase options require the lessor to record the rent as income. It is not optional. The real problem presented by this presentation is its comments on leverage leases because in the section “Objective Guidelines Used in Structuring Transactions” it states that Revenue Procedure 75-21, 1975-1, C.B. 715 and a companion document, Revenue Procedure 75-28, 1975-1, C. B. 752 (the guidelines) that were created to support requesting a letter ruling from the IRS on leverage leases “are not a definitive statement of legal principles and are not intended for audit purposes.” Well !!!!, does this mean the guidelines are not a good guide? Then in 2001 the IRS came back with 2001-28 that would seem to reinstate 75-21 but it still seems to be in a state of confusion as to the real tax requirements for leverage leasing. However, if you are in conventional leasing and not leverage leasing I would suggest you obtain a copy of this presentation (you can email me for a copy) and read it to see how the Congress of the United States views the tax side of our business. In addition you need to understand SFAS #13 for GAAP accounting and the definition of a legal lease for lease documents to understand what leasing is all about. 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 He encourages you to contact him for any questions you may have.
---------------------------------------------------------------- Top Stories--October 9-13
Here are the top ten stories most "opened" by readers last week. (1 ) Key Equipment Realigns Leadership (2) Sales make it Happen—by C. Menkin (3 ) Leasing 102 by Mr. Terry Winders, CLP (4) 15 Myths of Software Leasing (5) Latest Trends in IT Leasing & Finance (6) Telephone Evergreen Leasing (7) Funder List-- by Christopher Menkin (8) Omni Capital Announces New Hires (9) Correction: Steve Dixon photograph (10) AllServe Founder out on Bail in India ---------------------------------------------------------------- Classified Ads---Help Wanted Operations Manager
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---------------------------------------------------------------- Letters---We get eMail
Christopher “Kit” Menkin, Editor http://www.leasingnews.org/archives/October%202006/10-06-06.htm#netbank
Several readers who attended the United Association of Equipment Leasing Conference in Albuquerque , New Mexico , wrote in to say that Dwight Galloway, president of NetBank Business Finance, told them that this bank company was not for sale, that Leasing News was incorrect in its reporting. They did not want to be quoted, as several do business with the company, and another is a competitor.
An inside bank officer, not in the leasing division, confirmed that NetBank Business Finance is for sale. Even though some of those visiting the operation were wearing NetBank shirts, the employees quickly picked up they were not working for the bank. The reality may not be under Dwight Galloway's control. The facts will most likely become public in a formal press release. The last one he got was Christmas, and he was happy. This time it may be different. Leasing News stands by its reporting that NetBank Business Finance is for sale as is the bank's mortgage servicing unit. The Atlanta Journal Constitution believes the entire bank is on the marketplace. http://two.leasingnews.org/archives/November%202001/11-21-01.htm ---
"2 of my wine won ribbon's this year "2003 Pieta Creek Cab. Silver ($25.00 and over category) "Not bad for a 400 case winery.." Mike Barrett Leasing Officer barrettm@exchangebank.com (Pieta Creek is Mike's wine label; out of Cloverdale, California . He gets his grapes from We get grapes from Alexander Valley and Dry Creek.) -- Archie Dumac's "Evergreen Leases" story: http://www.leasingnews.org/archives/September%202006/09-29-06.htm#ever "If I may, I'd like to respond to the article submitted by Archie Julian that appeared in Leasing News last Friday. "Evergreen clauses are as old as leasing itself. What self-respecting businessperson does not take a minute to read the so-called ‘fine print'? "In my near twenty years in the leasing industry I've had the opportunity to review numerous lease contracts from leasing companies large and small. Every one of those contracts has had numbered, itemized, emboldened Terms and Conditions. "The Terms and Conditions set forth on those contracts are there to be read, understood and agreed to. The Lessee's signature and/or initials indicate that the signer has read, understood and agreed to what has been signed. Businesses appoint specific employees as Authorized Signers. It is the inherent responsibility of the Authorized Signer to thoroughly read and understand what they are signing. Mr. Julian's assertion that the Lessee ‘has been burned' is absurd for it is not possible to get a signature on a document that has not been presented to the Signer for review. "Lessees are often angered that their contracts have been extended. They blame the sales rep, the leasing company, the leasing industry as a whole, they blame the ‘small print' but they almost never hold themselves accountable for not reading their contract. "Mr. Julian goes on to suggest that brokers be proactive by notifying Lessees of their responsibilities at lease end. This would clearly create a conflict of interest with the leasing company's funding sources. Assuming the Signer read the contract prior to signing it, he/she has already been notified. "A more proactive approach, that would not create a conflict of interest, would be to insist that the Lessee actually read their contract at the start of the transaction. You can bet that funding sources would not want to do business with brokers or leasing companies that might deprive them of revenue which is exactly what Mr. Julian has suggested." Sincerely, John R. Kenny Receivables Management A Proud Member of Associated Credit Managers, Inc. www.ascmi.net --- "Telephone Evergreen Lease" story: http://www.leasingnews.org/archives/October%202006/10-09-06.htm#ever Thought I would send you a copy of my correspondence to Lucent regarding the article you ran about "Telephone Evergreen Lease". It is a shameless practiced that needs to be regulated. Regards, John G. Wood "I have been in leasing for 24 years. In fact, I worked for AT&T Capital Corp for 6 years and we routinely refunded money to lessee's who, for whatever reason, went pass their original lease term and did not notify us of their intent to terminate the lease or exercise a purchase option. We may not have made a full refund in some cases, but for the most part everyone walked away a winner. "The lessee won because they felt like they were being treated with compassion and respect. We won because it was in line with our Mission Statement and Code of Conduct. One of our stated missions was a "customer for life" philosophy. But we accomplished that with superior service and customer satisfaction, not by hiding behind evergreen clauses who's sole purpose is to extort money from the unsuspecting. It takes a little intestinal fortitude to resist the temptation of gouging a lessee, especially when the language in the lease document will support that sort of behavior in a court of law. "At the end of the day, it's hard for me to believe that you would want to receive this kind of negative publicity for a lousy $1,500! " Best Regards, John Wood ---- story http://www.leasingnews.org/archives/October%202006/10-11-06.htm#myth “I enjoyed the article by Mark Bazrod on software leasing. I start my day with Leasing News & a cup of coffee. Keep up the good work (and your impartial slant to leasing/financing news).” George Doble ---
"I read your piece in the Monitor Daily (banner ad) regarding Jeffrey Taylor's new book. I didn't realize you guys were good friends. It doesn't surprise me. You both "call a spade a spade and not a shovel". Straight & direct. That makes for enemies as you stated below. Exposing the truth takes courage. I have one of Jeffrey's books "Selling Leasing in a Tough Economy". I am a fan of his for what he has overcome in his life. The two of you have more courage than a 100 people combined. You are both voices in the darkness that we can rely on. I'm going to have to get this new book of his. Your preface to this book has me intrigued." Rosanne Wilson, CLP "It's the Lease We Can Do" Monitor: http://www.leasingnews.org/Pages/Jeffreys_book.htm Full Review: http://www.leasingnews.org/archives/September%202006/09-06-06.htm#book --- October 11, 1945-Birthday of famed San Francisco 49er quarterback Steve Young, born in Salt Lake City , Utah . "I don't think Steve Young is 61 years old. If so he sure ages well." Regards. Larry Blazek (I up-date The Day in American History each time the specific date comes around, since I started this maybe twenty years ago. Each time new features and events are added. I discovered we left out the birthday of Steve Young. When I was typing this in, I realized he was 45 years old. Being a 49er season ticket holder, I remember when he first came to the team ( and how the crowd booed him more than Alex Smith today.) I realized, wow, he is 45 years old, thinking how time has passed when I first saw him play, and must have typed in 1945 rather than 1961. It appears other aspects of age are catching up with me. Thank you for the correction.) ---- 1917-Birthday of Philip Francis (Phil” Rizzuto ( born Fiero Francis Rizzuto), Baseball Hall of Fame short stop for the Brooklyn Dodgers, born New York, NY. "Holy Cow! Yankee fans remember this differently." John McLaughlin FirstCorp Suite 630 http://www.firstcorp.com (I guess I got into my head short stop Pee Wee Reese, as I was a Brooklyn Dodger fan and saw him play often, including the 1955 World Series, when I was a kid (my father and grandfather took me to the games.) So when I was writing Phil Rizzuto, my brain was thinking of my favorite short stop player. My mind begins to wander, especially at 2am in the morning as the last thing before posting, I up-date “This Day in American History.” It is corrected now: September 25, 1917--Birthday of Philip Francis Rizzuto "Scooter," but best known as Phil Rizzuto, Hall of Fame Short Stop for the New York Yankees.1941-1942, 1946-1956) 1941 World Series, 1942 World Series, 1947 World Series, 1949 World Series, 1950 World Series, 1951 World Series, 1952 World Series, 1953 World Series, 1955 World Series Awards: All-Star (5): 1942, 1950-1953; American League MVP 1950 --
Phil Rizzuto overcame his diminutive size to anchor a Yankees dynasty, helping them win seven of nine World Series during his 13 seasons, not counting three years lost to World War II. "The Scooter" was a durable and deft shortstop, skilled bunter and enthusiastic base runner who compiled a .273 lifetime batting average. A five-time All-Star, Rizzuto was named the American League's MVP in 1950 when he excelled with a .324 average, 200 hits and .439 slugging percentage. Upon retirement, he spent 40 years as a popular Yankees broadcaster. --- Omni Capital Announces New Hires
Jule Kreyling, Division President of Omni National Bank sent a press release of new "hires." Jule Kreyling, Division President Omni Capital, a Division of Omni National Bank We asked him if he had any photographs she could send: "Not handy. I can get some but it will take a few days. Please let me know if you still want pictures." He responded: "You could just run a picture of the original SNL cast!" Which we did, as ironically the same day in 1975 - “Saturday Night Live” Premiered on TV . with guest host George Carlin. For those who read “Correction : Steve Dixon photograph” The wrong pictures was William Peterson, who stars as Gil Grissom in CSI: Crime Scene.
http://www.cbs.com/primetime/csi/bios/index.php?cast_member=william
-------------------------------------------------------------- Don't give up on your dream car -- lease it www.freep.com Here are the "10 Hottest Cars to Lease" for the 2007 model year, as selected by Premier Financial Services, billed as North America's leading exotic and vintage car leasing company. • Ferrari 599 GTB : First-year Ferraris are always in high demand, especially with a top speed over 200 m.p.h. (And for the Winter snow season, Duane Russell will lease you his “1964 Unimog 404.114 built by Mercedes for the German military as a radio communications vehicle. It has 17" clearance under the differentials and will ford 3 1/2 feet of water without the snorkel... It has a 6 speed transmission with 2 reverse gears. It is 2 or 4 wheel drive with differential locking. “It was designed to take a 5 person radio team to remote sites to set up communications outposts.
-------------------------------------------------------------- Brandywine Capital Partners with WebBank of Utah
West Chester , Pa. , company specializes in leasing and financing services WEST CHESTER , PA. --Brandywine Capital Associates, Inc., a company specializing in equipment leasing and financing services, has entered into an innovative partnership with WebBank of Utah to provide greater funding options for businesses. "Brandywine Capital Associates is a national company that helps lessor partners, financial institutions, and small and medium sized businesses set up, manage, and fund lease financing programs," said Valerie Hayes Jester, President and founder of the company. "We believe our partnership with WebBank will significantly enhance the services we offer to our clients." Finding innovative solutions to the leasing needs of clients is a key to the success of Brandywine Capital Associates. „Our staff has many years experience in the leasing field and we know how to structure financing to benefit both the business client and the lending institution,‰ Jester said. "Brandywine Capital Associates is a perfect fit for WebBank," said Gerry Smith, President of WebBank. "We are a winning team. Leasing makes financial sense for so many companies across the country. Clients engaging WebBank and Brandywine Capital Associates have two solid professional organizations working to solve their leasing needs." WebBank is headquartered in Salt Lake City , Utah , and provides niche financing. WebBank services include making loans, issuing credit cards, and managing deposits that are federally insured. WebBank‚s philosophy is to provide the personal touch, direct contact with management, quick decision making and flexibility paired with sophisticated financial solutions. For more information see www.webbank.com <http://www.webbank.com/> . For more information on Brandywine Capital Associates, Inc., call Ken Kramer at (610) 344-2910. ### Press Release ########################### Commonwealth Capital hires David L. Royer as Lease Acquisitions Manager
Clearwater , FL , – Commonwealth Capital Corp. (CCC) is pleased to announce the hiring of David L. Royer. Mr. Royer, age 54, joined Commonwealth in 2006 and serves as Lease Acquisitions Manager. Mr. Royer is responsible for lease acquisitions of information technology and medical equipment from banks and bank lessors across the country. Mr. Royer has more than twenty years of experience in the equipment leasing industry and six in international sales management. Mr. Royer served as Vice President of Commercial Lending and Leasing at Fifth Third Bank in Huntington , WV where he generated in excess of $6 million in loan volume. His responsibilities included financial statement analysis; invest analysis, loan documentation and closings, and cash-flow analysis. Mr. Royer also served as Vice President of Syndications at NationsBank, Inc. in Atlanta , GA. He generated $48.2 million in equipment loan and lease investment volume, and was responsible for analyzing 265 commercial investments in project financing, loans and equipment leases within one year, valued at $700.7 million. Mr. Royer's executive management experience includes positions with BB&T Bank, Financial Freedom Corp. (subsidiary of Lehman Brothers), and Transamerica Commercial Finance Corp. Mr. Royer earned in MBA degree from West Virginia University and his BS degree from Salem International University . Founded in 1978, Commonwealth Capital Corp. has acquired more than $400 million of leases in 46 states. Commonwealth focuses on information technology equipment because it represents a niche market in which they've been operating since inception. Commonwealth also focuses on medical and telecom equipment. Their 12 to 36-month leases often end with renewal or outright purchase by the owners of the equipment. To date, Commonwealth has offered more than 23 investment programs to thousands of investors. From the two office locations, Pennsylvania and Florida , Commonwealth has grown slowly over the years, according to plan, with a focus on quality leasing and investor service, rather than quantity. Currently, Commonwealth employs a staff of over 60 in both its locations. Commonwealth's management team consists of men and women with strong backgrounds in all facets of the leasing and securities industries, from acquisitions, finance, portfolio management, residual value forecasting and asset remarketing, due diligence and compliance. This team, possessing a combined 100+ years of experience, manages the entire lease acquisition, operation and liquidation processes. ### Press Release ########################### Jim Burke Named CFO of Five Point Capital
SAN DIEGO San Diego-based equipment leasing firm, Five Point Capital has named Jim Burke Chief Financial Officer. Burke is responsible for accounting, treasury and financial planning for the firm. “It's important for Five Point Capital to have a highly experienced CFO. As a seasoned professional, Jim's knowledge and leadership will help the company to manage and secure capital resources for our continued growth,” states President Dan Feder. Burke has over 30 years of experience in the area of finance and accounting. Most recently Burke served as CFO at Capital Partners Group. His extensive background has also included CFO positions at Leasing Solutions, Inc., Mitsui Vendor Leasing (U.S.A.), Inc., BankAmerica Credit Corp. and Security Pacific Credit Corp. (formerly Security Pacific Credit Corp.) In his executive role at Mitsui, Burke was instrumental in growing the startup company from zero to $275 million in assets. “It's great to have Jim join FPC as our CFO. His keen insight and demonstrated foresight in the financial services industry is key to the future growth of Five Point Capital,” states Feder. Burke received his BBA degree in finance and business administration from the University of Notre Dame. He has an MBA in finance and accounting from the University of Chicago . Burke and his family reside in Carmel Valley . About Five Point Capital Emerging as one of the nation's leaders in small ticket leasing, Five Point Capital (FPC) was founded by Dave Gilbert and Dan Feder in 1999 under the principle that “leasing can help any company grow.” Currently the San Diego-based firm employs over 160 and occupies 37,000 sq. ft. at 10525 Vista Sorrento Parkway in San Diego . www.fivepointcapital.com. For more information, call (888) 576-4685. ### Press Release ########################### FinanceEdge and Diligenz® Form Alliance to Provide Full suite of filing services is unprecedented for the leasing and financing industry ST. PETERSBURG, FL, —FinanceEdge Software LLC, a premier provider of software solutions to the equipment leasing and financing industry, has teamed with Diligenz, the country's leading provider of Web-based due diligence services, to offer a complete, user-driven solution for managing Uniform Commercial Code (UCC) filings—recognized in all 50 states as a key component of establishing and protecting lien position in commercial transactions. The solution integrates the financial workflow-based tools offered through FinanceEdgeCS with Diligenz Web Services technology to create a highly efficient means of creating, sending, and managing UCC filings. “Every part of the loan process can now be done through FinanceEdgeCS, our flagship software product,” says Thomas J. McKeon, president of FinanceEdge Software. “With other UCC filing solutions, users have to directly access the service provider or state Web site to do their filing. This new system increases efficiency, virtually eliminates data entry duplication, and puts the control in the hands of the customer through one simple interface.” With all processes and forms interfaced together through the Web Services structure built by Diligenz, the solution enables users to initiate and fully manage their filings, amendments, continuations and terminations. It also includes a robust internal security system that can determine the user's role based on approved access and required fields. A workflow engine enables users to customize their own financing process and associated rules. “A large company may need a series of sophisticated checkpoints, while a smaller company would require a simpler system for filing. By using FinanceEdgeCS/Diligenz, users can build a workflow that best suits their needs,” McKeon explains. “Diligenz is pleased that FinanceEdge chose our industry-leading technology to streamline the funding and perfection process for its customers,” says David Hepker, chief technology officer. “Automating highly-manual processes, such as UCC filing, will help users better manage risk and reduce errors.” Michael C. Cumby, CTO of FinanceEdge Software, will demonstrate the new solution at the 45th Annual ELA Convention October 22-24 in Palm Desert , California . The demonstration will be part of a presentation on the practical applications of Web Services. “The industry has been talking about Web services for some time, but few have proven its real-life uses,” says Cumby. “The Diligenz/FinanceEdge solution is a prime example of how Web Services can be used to support compliance activities, increase productivity, streamline workflow, and reduce costs.” About Diligenz Inc. Diligenz Inc., a division of Delaware-based Corporation Service Company, is the country's leading provider of accurate and timely UCC and corporate data search, filing, document retrieval, portfolio management and integration services nationwide. Headquartered in Mukilteo , Washington , Diligenz provides UCC searching and filing, corporate document retrieval, federal and state tax lien, litigation, and judgment lien searches, business credit reports and flood determinations. The company serves a wide range of customers nationwide, from leading commercial banks and capital finance companies to leasing companies and law firms. For more information, visit http://www.diligenz.com. About FinanceEdge Software LLC FinanceEdge Software LLC is a long-established provider of software solutions to the equipment leasing and finance industry. Originally a part of Cyence International, FinanceEdge has since spun off from Cyence to focus exclusively on the needs of growing small to medium-sized companies in the leasing and financing industry. FinanceEdge CS, the company's latest evolution of software technology, gives customers the technological edge to succeed in today's financing marketplace. For more information, visit ### Press Release ########################### Global IT Infrastructure Solutions and Server Leasing Atlanta , GA -- Abacus Solutions, a leading multi-platform provider of IT infrastructure products and services including server leasing, announces the appointment of Abe Rodriguez to Vice President of Sales and Marketing. Rodriguez brings more than 25 years of sales management experience including senior management roles at a number of Fortune 500 corporations. ADVERTISEMENT At Abacus Solutions, Rodriguez will lead the company's global sales and marketing initiatives. As Vice President of Sales and Marketing, Rodriguez is responsible for managing the ongoing growth of the company's sales operations, as well as setting the direction for the Abacus brand to continue to lead in its space. The company's comprehensive solutions portfolio includes new and used servers such as used iSeries and used pSeries as well as other IT infrastructure products and services including sever leasing and server rental. “Adding Abe to our team is further example of Abacus' consistent effort to become the best in our industry,” said Patrick Hiller, CEO of Abacus Solutions. “He has extensive professional experience working with Fortune 500 companies, but his heart remains with helping small businesses, like ours, reach their full potential. As Vice President of Sales and Marketing, Abe will help us increase our stronghold in the End User, International, and Wholesale markets. Further, Abe's ‘roll up your sleeves' attitude is consistent with our leadership philosophy, and we are extremely fortunate to have him choose Abacus.” Rodriguez started his career with AT&T and incrementally progressed through management roles with Bellsouth , Florida Power & Light and Equifax. Most recently, he served as President and COO of Asurent Technologies and Senior Vice President with Somera Communications, both former leading companies in the equipment infrastructure industry. Rodriguez holds Associate degrees in Management and Supervision and Business Administration, as well as a Bachelors degree with Honors from the Florida International University School of Business Administration. About New and Used Servers Provider Abacus Solutions Atlanta-based Abacus Solutions is a multi-platform provider of IT infrastructure products and services for large and medium-sized businesses, which includes new and refurbished servers (including used iSeries and used pSeries), software, server leasing, networking and new storage solutions. The company also offers product warranty, maintenance, financing and buy back services. For additional information, call 770-738-1101, 1-800-605-5446 or visit abacusllc.com. Contact: Barry Mirkin ### Press Release ########################### ATEL Capital Group opens Denver office
ATEL Capital Group announces the opening of it's new Denver office at 3535 S. Tamarac St . The office has a full data center for complete computer backup and redundancy of the San Francisco office at 600 California St. Sales, administrative, investor services and MIS personnel will operate out of this facility. Dean Cash, President and CEO says, "After hurricane Katrina I wanted to ensure our continued operation in the event of a catastrophic event in San Francisco . The Denver office gives us the ability to reroute our phones and computers and be able to function with little or no disruption to our operations if San Francisco is ever closed for business." ATEL Capital Group is one of the largest privately held owned equipment leasing and financial services companies in the United States . Since its founding in 1977, ATEL has priced, structured and arranged over $30 billion of equipment leases. ATEL specializes in leasing low-technology equipment such as manufacturing, shipping, rail, and mining to investment-grade companies. In addition, ATEL provides financing to venture-backed companies through its ATEL Venture, Inc. subsidiary. For further information, please visit www.atel.com. ### Press Release ########################### SMBC Leasing and Sumisho Lease to Merge
(Sumitomo Mitsui Financial Group Inc. and Sumitomo Corp. said Friday their group leasing companies will merge next Oct. 1, in a move that would create the largest leasing firm in Japan in terms of consolidated sales. (The new company is expected to have annual consolidated sales of around 1.07 trillion yen, based on combined fiscal 2005 sales of the two leasing firms -- SMBC Leasing Co. and Sumisho Lease Co. (The current industry leader, Orix Corp., had 947.8 billion yen in consolidated sales for the year to last March.) (They state in their press release it will create) “...a strong management culture to effectively adapt to environmental changes, by strengthening funding capabilities and by promoting management efficiency.” “...the Sumitomo Corporation Group and the Sumitomo Mitsui Financial Group agreed to position their leasing and auto leasing businesses as strategic joint business and to jointly aim to establish the best leasing and auto leasing businesses in Japan through the merger of SMBC Leasing and Sumisho Lease, and the merge f Sumisho Auto Lease and SMBC Auto Leasing. Suishow Lease and Sumisho Auto Lease, utilizing various value chain of the Sumitomo Corporation Group, have unique customer base and know-how. On the other hand, SMBC Leasing and SMBC Auto Leasing, leveraging capabilities of the Sumitomo Mitsui Financial Group to provide financial solutions, have different customer base and know-how. These mergers will enable two groups to combine different customer base and know-how of each group.” The full press release is available at: ### Press Release ########################### GE Capital Solutions and STATS ChipPAC Celebrate US$ SAN DIEGO & SINGAPORE--Jeff Immelt, Chairman of the Board and Chief Executive Officer of General Electric, presented a commemorative award to Wan Choong Hoe, Executive Vice President and Chief Operating Officer, of STATS ChipPAC Ltd. at the Tower Club in Singapore . The award was presented in celebration of the ten-year relationship between GE Capital Solutions, Global Electronics Services (GES) and STATS ChipPAC and the attainment of US$ 320 million in cumulative leasing volume. STATS ChipPAC, a leading service provider of semiconductor packaging design, assembly, test and distribution solutions, has looked to GES for leasing and financing solutions on numerous occasions over their long-standing association. "The length of our close relationship with STATS ChipPAC is a testament to the success of our Acquire, Use, Remarket(SM) model. GES actively manages every facet of STATS ChipPAC's asset portfolio, beginning with customized leasing solutions in the Acquire phase, optimizing equipment utilization through tool swaps, lease extensions and asset relocations in the Use phase, and finally helping to dispose of idle equipment in the Remarket phase," commented Melvin Low, Asia Managing Director for GES. "GES' global footprint, particularly in Asia , also plays a critical role in our relationship and allows us to support STATS ChipPAC's continued business expansion throughout this region." Almost half of the total lease volume of US$ 320 million has been generated within the last three years, which is indicative of the increase in influence and importance of Asia in the semiconductor industry. Tan Lay Koon, President and Chief Executive Officer of STATS ChipPAC, said, "GE has been a valued partner to us and has been able to support us with flexible products in all the countries where we operate. We look forward to GE's continued support in the future as we invest to meet our customers' growing needs." About GE Capital Solutions, Global Electronics Services GE Capital Solutions, Global Electronics Services (GES), a unit of GE Commercial Finance and headquartered in San Diego, California, is the leading global expert in delivering customized asset management services (Acquire, Use, Remarket(SM)) to electronics manufacturers of semiconductor fabrication (FAB), automated test equipment (ATE), printed circuit board assembly (PCA) and flat panel display (FPD) equipment. Through its worldwide network, GES provides a host of flexible financing and leasing solutions, product insights and market intelligence, as well as efficient remarketing services that reduce customer risk and increase their return on investment. For more information, visit www.geelectronicsweb.com. About GE Commercial Finance GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $232 billion and is headquartered in Stamford , Connecticut . ### Press Release ###########################
News Briefs---- Bank of the Ozarks 3Q Profit Slips (has active leasing division) Ontario on brink of 2006 recession, Royal Bank warns World Bank chief to Europe amid graft spat A Man With a Very Different Kind of Bank General Electric Earnings Climb on Sales of Turbines, Loans Showcasing the Growth of the Green Economy Dell, Printers, And The Gamer Influence Fitch: U.S. Mortgage Loan Repurchases: Do Early Payment Defaults Spell Trouble Ahead? What do CEOs make? KeyBank's Cash Vault and Wholesale Lockbox Networks Expand Nationwide Beige Book: Most Districts Report Stronger Consumer Spending ---------------------------------------------------------------
You May have Missed--- Credit battle: Fair Isaac sues Nation's Three Largest Credit Agencies ---------------------------------------------------------------
Sports Briefs---- Pérez Helps Mets and Gets Plenty in Return 49ers overwhelmed—again! Broncos' defense too much for Raiders T.O. delivers thrice as Cowboys roll, 34-6 Brown hits 54-yard FG as time expires to lift Hawks, 30-28 Saints toot their Horn — twice — on way to beating Eagles Ira Miller on Sunday's Football games ----------------------------------------------------------------
California Nuts Briefs--- Schwarzenegger takes role -- and rewrites the script Willie Brown says Angelides will lose election ----------------------------------------------------------------
“Gimme that Wine” Two Buck Chuck puts Napa River Wines to the Test Turning the wine industry on its head Ignoble rot spells trouble for Pinot Noir, Zinfandel Seaver's pitch: making wine Sleepy Healdsburg Becomes High-Profile Wine Destination Colorado wine production on the rise Wine Prices by vintage US/International Wine Events Winery Atlas Leasing News Wine & Spirits Page The London International Vintners Exchange (Liv-ex) ----------------------------------------------------------------
Calendar Events This Day Dictionary Day Jamaica : National Heroes Day National Boss Day United Nations: World Food Day Virgin Island.: Hurricane Thanksgiving ----------------------------------------------------------------
Canada : Canada has more lakes than the rest of the world combined. Canada is an Indian word meaning " Big Village ."
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Today's Top Event in History 1928- Marvin Piipkin of the Incandescent Lamp Department of General Electric Company at Nela Park , OH , received a patent for an electric light bulb frost on the inside. Inside-frost bulbs have a number of distinct advantages over outside-frost bulbs, among which are less absorption of light and less collection of dust, allowing the bulb to last longer and retain its illumination. The light was also easier on the eyes. ----------------------------------------------------------------
This Day in American History 1629- The Virginia General Assembly enacted a law to limit the planting of tobacco, in an attempt to control the price of the export to Europe . More slaves were “imported” as Virginia main economy was becoming the growing and selling of tobacco. World Series Champions This Date 1909 Pittsburgh Pirates --------------------------------------------------------------
Baseball Poem The Baseball Players Against the bright By Donald Hall From “Fathers Playing Catch (Essays on Sport-mostly baseball) with Sons” -------------------------------------------------------------- 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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