Wednesday, October 10, 2007
Headlines--- Classified Job Wanted --- Credit & Legal ######## surrounding the article denotes it is a “press release”
------------------------------------------------------------------ Job Wanted --- Credit & Legal Credit Mission Viejo. CA Legal San Diego , CA To place a free “job wanted” ad here, please go to: For a full listing of all “job wanted” ads, please go to: -------------------------------------------------------------- UAEL Spring conference report from Brian Montgomery Dear Kit, I am not sure if the word unprecedented applies or perhaps just out of the ordinary but I would like to ask for the privilege to utilize Leasing News to give a report on this weekend’s meeting of the UAEL in Tucson, AZ. Of course the reason it might sound out of the ordinary for me to give this report is because I am the current President of the NAELB. Indeed, it may seem awkward that the President of what some might consider a competing leasing association should give his report on a UAEL Fall Conference but I would ask for your readers’ indulgence. As a guest and non member of the UAEL, I was not sure what to expect from this group of leasing veterans as I arrived at the El Conquistador Golf and Tennis Resort. Yes, the weather was perfect and the view simply breathtaking of the shear rocky faces that comprised the background for the hotel but what would I find once inside? Would this be an event that left me feeling like the proverbial fish out of water? I admit that these thoughts were fresh on my mind as I parked my car and unloaded my luggage. What I soon found was a professional UAEL staff that understood the importance of a smile in making the first timer feel welcomed. Following soon after was the reassuring handshake of Brad Peterson of Predictifund, President of the UAEL as he took me by the arm and introduced me to those whom I did not yet know. Somehow the words gracious and kind seem inadequate to describe the actions of each UAEL member that I encountered throughout our weekend together. There were many there that have a dual membership in both the UAEL and the NAELB, realizing that each serves an important and dynamic role in meeting the needs of our members. It was a delight to see many smiling faces in the crowd that I recognized as friends; moreover, my list of those who I now call “friend” has grown even more as I met many new faces to me but obvious veterans of the industry with much wisdom to share. I could go on for a while longer describing the events of the conference but to be honest, I believe that in the end, it is that memory of a warm personal contact or new business partner that most people take home with them fresh on their mind so I will leave it to others to describe the who, the what, and the when. I shall focus on the how; how I felt as a first timer at a UAEL convention. In closing, I feel it important to share that I was not completely surprised with the excellently produced UAEL Fall conference and the generosity of its members. I firmly believe that the one commonality found in each of our organizations’ and our membership is a strong commitment to professionalism, the betterment of our industry, and the need to fellowship with like minded people. All of which are worthy aspirations which we obtain with our participation in events such as this years UAEL Fall Conference. To all of the members of the UAEL, I thank you for your leadership and your generosity. Warm Regards, Brian Montgomery, NAELB President
-------------------------------------------------------------- Equipment Leasing - 5 Reasons Why Business Owners Prefer Equipment Leasing There are five major reasons, or category of reasons why lessees prefer equipment leasing versus a loan for equipment acquisitions.
Let's examine each of these more closely. 1) Economical. The economic attributes of an equipment lease can be considerable. The monthly rentals in the lease can be quite low when compared to the loan payments levied by a bank, due primarily to the impact of the residual value in a lease. The tax benefits alone that are generated in the transaction will influence the lease payments as well. The lessor can lower the equipment lease payments when receiving value from tax benefits, although, the lessor may use tax benefits to increase its yield. Longer lease terms also help to lower the lessee's lease payments. The repayment of the equipment cost is spread out over more periods so less payment needs to be charged each period to recover the entire cost. Equipment leasing also requires little, if any, up-front cash outlays when compared to a bank loan. Many leases require just one payment up front versus the normal down payment requirement on an installment loan for a lessee with a good credit history. The combination of lower up-front and lower subsequent payments helps to preserve working capital. Additionally, equipment leasing provides the business owner with another source financing, thus allowing them to diversify their funding options. 2) Financial Reporting. Entities are constantly striving to have their financial statement look as strong and healthy as possible to their shareholders and lenders. When a company purchases equipment and finances it with a loan, an asset, as well as the corresponding liability, appears on the balance sheet. If, however, the company chooses equipment leasing over a loan, and that lease is classified as an operating lease, then no asset or liability would appear on the company balance sheet. Hence, the term operating lease has become synonymous with off-balance-sheet financing. Off-Balance-Sheet financing is sought after for a variety of reasons: to keep debt off the balance sheet, to improve the financial ratios of a company, and to potentially enhance the company's ability to borrow in the future. It is also conceivable that in the early years of the lease, the operating lease will improve the company's reported earnings when compared to a capital lease or purchase. 3) Income Taxes. The value of tax benefits to the lessor can influence the lease payment charged to the lessee. A built-in reciprocity exists in tax leasing, in that the lessor-owner in a tax lease receives the tax benefits given up by the lessee-user and, in return, may pass those benefits on to the lessee in the form of a lower lease payment. The lessee also receives a tax benefit since the lease payments are fully deductible. Another income tax factor to consider is the Alternative Minimum Tax or AMT, which is very complex. AMT is a penalty tax imposed by Congress. Equipment leasing, not purchasing, helps an organization avoid falling into this penalty situation, thereby saving taxes. 4) Technological. In today's rapidly changing environment, there is always the risk that high technology equipment will become obsolete. Indeed, the risk of technological obsolescence is one of the primary reasons for leasing. Equipment leasing can help lessees transfer the risk of owning equipment which is no longer technologically useful. The transfer of risk can be accomplished in several ways. The most obvious would be for a lessee to enter into a short-term agreement, thereby requiring the lessor to assume the technological risk through residual value. If the equipment is still useful at the end of the lease term, the lessee could then renew the lease. If the equipment becomes obsolete during the lease term, the lessor may replace it with newer technology through what is know as a takeout, or an equipment upgrade. In a takeout, the lessor, through its access to the secondary market, will find a new home for the original equipment because equipment that is obsolete to one entity is not necessarily obsolete to another. For new and untried technology, many lessees prefer leasing the equipment on a short-term or experimental-use basis. 5) Flexibility. A company may simply need the use, not the ownership, of a piece of equipment. Leasing can help a company avoid many of the headaches associated with equipment ownership. For instance, leasing can transfer the burden of disposing of the equipment o the lessor, who typically has better access to the used equipment market. The lessee can also contract with the lessor to take care of the other aspects of ownership, such as insurance, maintenance and property tax, by bundling these costs into the lease payment. Many lessees appreciate this one-stop shopping aspect of equipment leasing. Many owners/managers prefer equipment leasing, as opposed to purchasing, because leasing enables them to acquire needed equipment out of their operating budgets, without the necessity of going through a lengthy bureaucratic capital budgeting and approval process. Lessees may also benefit from very flexible structuring practices such as step or skipped-payment leases. These type of payment schedules are useful to businesses in industries that are seasonal and disruptive to cashflow. Note: Business owners should always seek advice from their tax professionals before a major equipment acquisition.
-------------------------------------------------------------- Lease Agreements Before entering into considering leasing, an agreement between both parties, those seeking a lease, and those who will either directly provide the lease or the lease company who will do the actual transaction, an understanding needs to be signed by both original parties. This allows the applicant protection, particularly if money is requested, even in a leasing contract is provided. It the lease does not move forward, a protection of both parties involvement should be spelled out and signed. Here are typical "lease agreements" utilized in the equipment leasing industry. The Greene Leasing Agreement Designed to allow costs and other expenses to be kept if a lease does not fund. http://www.leasingnews.org/Conscious-Top%20Stories/Greene_Lease_agreement.htm Commitment Letter This form is one of the most widely used in the leasing industry and covers most of the bases. Note: Last sentences about the signatures makes this more a “proposal,” than commitment. If required, these sentences may be removed. http://two.leasingnews.org/loose_files/Generic%20commit%20Letter.DOC Master Lease Commitment Letter This is for a “master lease,” when they will be other schedules, dates of delivery and acceptance, and interim rent is to be imposed on the “funded” portion(s.) Note: Last sentences about the signatures makes this more a “proposal,” than commitment. If required, these sentences may be removed. http://two.leasingnews.org/loose_files/Master%20Lease%20Commit%20Letter.doc Lease Application Fee Agreement This is designed for the broker of leasing company to earn a fee and/or expenses should the lease not go together. This is a form that you can make into a template. First use “find, replace” to insert your name. It's purpose is generic, aimed at earning money for your time and expenses if a lease does not move forward. http://two.leasingnews.org/loose_files/Lease_app_agreement.rtf Authorization to Find a Lender This form was designed for use in the State of California, where arranging for a loan requires a license. Real Estate and mortgage brokers may not need a California Financial Lender's License, as well financial institutions. Any third party “agent” does need the license. This may also apply in other states. You can make a template on this form very easily. It primarily purpose is for real estate secured loans , equipment finance agreements, and “sale/leaseback” type situations. http://two.leasingnews.org/loose_files/Authorization_to_find_lender.rtf The form to allow for specific expenses being developed by Ken Greene,Esq. is in the process of being reviewed by the sponsors, and attorneys Leasing News has contacted. Here are a list of the sponsors of the Greene Engagement Letter: schriest@sbcglobal.net bcarlile@********-partners.com pateb@balboacapital.com Whawkins@bancpartners.com gsaulter@chaseindustries.com gtrebels@ifccredit.com tkabot@lease-it.com clester@lpifinancial.com blarsen@leasingpartnerscapital.com mwatkins@gogenevacapital.com
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Leasing Industry Help Wanted EFD Credit Officer
Funding/Lease Processor
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--------------------------------------------------------------- Willis Lease Financial CEO Sells Shares NEW YORK — The president and CEO of aircraft engine leasing company Willis Lease Financial Corp. sold 12,000 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing. In a Form 4 filed with the SEC Friday, Charles F. Willis IV reported he sold the shares Sept. 17 to Sept. 20 for $13.49 to $13.76 apiece. The stock sale was conducted under a prearranged 10b5-1 trading plan which allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information. Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction. Willis Lease Financial is based in Sausalito, Calif.
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Marlin Business Services Corp. Hires Chief Sales Officer MOUNT LAUREL, N.J. -- Marlin Business Services Corp. (Nasdaq:MRLN) is pleased to announce the hiring of Edward Siciliano as Senior Vice President and Chief Sales Officer. Ed joins Marlin from ALK Technologies, where he held the position of Vice President of Sales and Marketing. His previous experience includes serving as Senior Vice President of Sales & Marketing for Applied Theory Corporation and National Account Sales Director for Xerox Corporation. "I am very excited to have Ed join the Marlin team," said George D. Pelose, Marlin's Chief Operating Officer. "Ed has over 22 years of sales and management experience in both large and small companies. He has built and managed inside and outside sales teams, and has a history of delivering exceptional results. Ed's sales and marketing knowledge, insight and energy will be tremendous assets to Marlin as we continue to move our business forward." About Marlin Business Services Corp. Marlin Business Services Corp. is a nationwide provider of equipment leasing and working capital solutions primarily to small businesses. The Company's principal operating subsidiary, Marlin Leasing Corporation, finances over 70 equipment categories in a segment of the market generally referred to as "small-ticket" leasing (i.e. leasing transactions less than $250,000). The Company was founded in 1997 and completed its initial public offering of common stock on November 12, 2003. In addition to its executive offices in Mount Laurel, NJ, Marlin has regional offices in or near Atlanta, Chicago, Denver, Philadelphia & Salt Lake City. For more information, visit
### Press Release ########################### US Express Leasing Acquires MBO Finance PARSIPPANY, NJ, –-US Express Leasing, Inc. (USXL) announced today the acquisition of MBO Finance, a major provider of vendor financing to manufacturers, distributors and dealers in the graphic arts and printing industries. MBO Finance will become the core of USXL’s new graphic arts origination platform. Leading the graphic arts business will be Teneyke Smith, formerly President and founder of MBO Finance. Smith has over 25 years of experience in providing equipment financing to the graphic arts and printing industries. He has driven significant growth through the delivery of creative sales aid financing programs with long established vendor partners. “The acquisition of MBO Finance brings to USXL immediate access to a very attractive market while providing the MBO team with dedicated operational support, technology-enabled solutions, and a solid capital structure to help them reach their full potential,” says USXL CEO Jim McGrane. According to Smith, “USXL’s unique brand of relationship-driven service and its focus on vendors make it an ideal fit for MBO Finance. We look forward to joining the USXL family and expect a rapid and seamless integration.” Kropschot Financial Services initiated the transaction and served as the exclusive financial advisor to USXL. About USXL US Express Leasing (USXL), headquartered in Parsippany, N.J., is an independent equipment finance company originating transactions through manufacturers, distributors and dealers in the commercial & industrial, healthcare, office products and technology industries. For more information, visit USXL on the Internet at www.usxl.com. About MBO Finance MBO Finance was founded by Teneyke Smith as the contract captive for Machinebau Oppenweiler Binder, one of the worlds leading manufacturers of paper folding and bindery equipment. Since its inception, MBO Finance has evolved into a provider of vendor finance programs for manufacturers and channel partners across many segments in the graphic arts and printing industries.
### Press Release ########################### CIT CHAIRMAN AND CEO JEFF PEEK TO SPEAK AT THE NEW YORK – CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that Jeffrey M. Peek , Chairman and Chief Executive Officer, will speak at the Argyle Executive Forum 2007 CEO Leadership Forum on Thursday, October 11, 2007 at 4:00 PM. Peek will be interviewed by Dan Armstrong, Senior Editor of the Economist Intelligence Unit on "Perspectives from America's Economic Engine – The U.S. Middle Market." In this session, Peek will discuss:
CIT and the Economist Intelligence Unit recently released The U.S. Middle Market Outlook 2007 , which provides an in-depth look at one of the strongest engines of the U.S. economy. Members of the media interested in attending can register by calling the Argyle Executive Forum Audience Development Group at (646) 839-2034. Alternatively, registration is available online at: Argyle 2007 CEO Leadership Forum . Registrants should complete the following online instructions:
An audio and written transcript of the interview will be available following the event at www.cit.com. About CIT ### Press Release ########################### Sterling National Bank Names Joseph Costanza NEW YORK -- Sterling National Bank, a subsidiary of Sterling Bancorp , announced today that Mr. Joseph Costanza and Ms. Patricia Hrotko have been named Senior Vice Presidents of the Asset-Based Lending Division and Marketing Group, respectively. The appointments come as Sterling prepares to increase each area’s activities to take advantage of what the company sees as favorable market conditions. Mr. Costanza will be responsible for managing the bank’s asset-based lending business, one of Sterling’s core strengths and an area of growth and stability in the marketplace. Ms. Hrotko will lead Sterling’s marketing efforts to continue to enhance its core brand as a leading community bank and full-service small business lender. “Joseph and Patricia are joining Sterling as we expand our lending and marketing capabilities and take greater advantage of opportunities in the small and mid-sized business markets,” said John Millman, president of Sterling Bancorp. “Our asset-backed lending business has been thriving as the credit crunch has continued to affect more borrowers. Joseph will help us capitalize on the many new opportunities we see and anticipate will continue for the near-term. Patricia will work with all of our businesses to increase our profile among constituents in core markets and regions through a wide range of new marketing initiatives.” Mr. Costanza will be responsible for managing and increasing the bank’s share in asset-based lending, one of Sterling’s core competencies. He joined Sterling from LaSalle Business Credit, where he was the Northeast/Mid-Atlantic Regional Manager for 10 years. Under his leadership, Mr. Costanza increased assets in his region from $235 million to over $600 million with a shift in portfolio composition from generally purchased participations to lead transactions. Ms. Hrotko’s hire represents an important component to Sterling’s overall expansion of its marketing and advertising functions. As part of its commitment to enhance brand recognition, Sterling has also retained investor relations expert Ed Nebb to handle its IR functions and Dukas Public Relations (DPR) as its PR agency of record. Ms. Hrotko will be responsible for coordinating Sterling’s advertising campaigns, online presence and direct marketing efforts. She will also work directly with DPR to develop media strategies and thought leadership campaigns for Sterling’s executive team. Prior to joining Sterling, Ms. Hrotko was the Vice President, Director of Marketing for First Morris Bank & Trust in Morristown, NJ. About Sterling Bancorp Sterling Bancorp (NYSE: STL) is a financial holding company with assets of $1.9 billion, offering a broad array of banking and financial services products. Its principal banking subsidiary is Sterling National Bank, founded in 1929. Sterling provides a wide range of products and services, including business and consumer loans, commercial and residential mortgage lending and brokerage, asset-based financing, factoring and accounts receivable management, trade financing, equipment leasing, corporate and consumer deposit services, trust and estate administration, and investment management services. The Company has operations in New York, New Jersey and North Carolina and conducts business throughout the U.S. For more information,
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News Briefs---- China's Minsheng Bank to buy into UCBH Latin Leasing: Explosive Growth ---------------------------------------------------------------
Sports Briefs---- Six turnovers later, Romo, Cowboys still can smile Yankees to Debate on Future of Torre Vick must repay $20 million from bonus [headlines]
This Day in American History 1845- the Naval academy was established at Windmill Point, Fort Severn , Annapolis , MD , on a nine-acre site. I t officially opened with 56 students. On July 1, 1850, the name was changed to the U.S. Naval Academy. The following year, the academy instituted a standard four-year program. From may 9, 1861 to September 9, 1865, while Maryland was part of the Confederacy, the academy was transferred to Newport , RI . World Series Champions This Date
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From -------------------------------------------------------------- SuDoku The object is to insert the numbers in the boxes to satisfy only one condition: each row, column and 3x3 box must contain the digits 1 through 9 exactly once. What could be simpler? http://leasingnews.org/Soduku/soduko-main.htm -------------------------------------------------------------- Daily Puzzle How to play: Refresh for current date: -------------------------------- |
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