Kit Menkin’s Leasing News  Tuesday, September 3, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

--posted daily at

Friday Leasing News posted at 10:20 am PDT ( no Monday edition )


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Welcome Back---


Those on vacation last week, three new changes:


  1. The date of the posting of the previous daily leasing news to the website

is now posted. Those who want to click on headlines to get to the story, you

have a general idea when that is available. Fahima Khan has changed her

hours and now comes in at 8:30am.  Her first job is to post Leasing News.


2.”Pictures from the Past” has been running a week. Since we send it

text, it is now only available on the website. Perhaps we should put

the links on the text edition, too.  If you have some old pictures

you want to share with your colleagues, please send in by e-mail or by

regular mail ( they will be returned. ). Oh yes, we will keep the collection

right above “Top Stories” on the web site.


3. Classified ads have been brought to the daily top in an effort to help

people find jobs. Each day four of them are highlighted.


In an effort to conform to the anti-spam programs, we are highlight our

e-mail removal procedure.  It appears more and more service providers

are treating “mass mail” as spam.  We don’t solicit directly, and as soon

as we can identify how the person added their name, we delete them from

the mailing list---every day.  We grow at about ten new readers a day, all

by referral by readers such as yourself.


Kit Menkin



Pictures from the Past


Western Association of Equipment Leasing Honors New CLP’s at Conference

          The WAEL Certified Lease Professional (CLP) is the only professional certification available in the equipment leasing industry. WAEL President Gordon Roberts (shown above at the podium) and Certification Chair Ken Goodman, CLP (far right) present WAEL’s new CLPs with special plaque at the conference: seated (from left to right):  Tom Cadle, vice-president, First Source Financial Services, Rancho Cordova,CA;

Patrick Byrne, president, Balboa Capital Corporation, Los Angeles, CA; Shawn Giffin, excecutive vice-president, Finance, Balboa Capital Corporation, Irvine, CA; and Bill Whener, president, First Concord Acceptance Corp., Denver, Co., Certification Chair Ken Goodman, CLP.




                  Classified Ads here are four from:



Funding: Northern, NJ

Coordinate all aspects of financing for leased equipment, prepare necessary documentation for discounting with banks.Handle renewals of and amendments to lease schedules.


Legal: Chatsworth, CA

Managing attorney for general corporate and financial services law including: leasing, acquisitions, service agreements, commercial loans, securitizations, workouts and litigation.


Operations: Phoenix, AZ

15 years of increasingly responsible positions as a financial-marketing manager in commercial leasing, credit, and collections. Extensive experience in leasing and accounts receivable portfolio management.


Operations: Experienced Credit, Collections, lease and Finance operations. Manager w/ expertise in improving bottom line performance, excellent trainer, manager, motivator. Get result/ keep the customer coming back.




Georgia Alert----Southeastern Casket/Carpet

  "It's NOT All About Networking!"---eLNA Conference  “Zep”

       The Week's Economic Events

         "Top Gun" Ignacio Sanchez CLP

Sales Tax Project Meeting September 26-27, Milwaukee, Wisconsin

     Friday's News Reaction

        News Briefs-----

The List to be up-dated this week




Georgia Alert----Southeastern Casket/Carpet


We have been working on a deal in Georgia that we determined to be fraud.

Further investigation uncovered a fraud ring in Georgia.


This group has taken on 20+ identities and are real good.  There were

multiple ways to identify this as fraud.  First, when we call the Secretary

of State to verify a corporation we try to ask if there are any name

changes.  I recommend this always.  The company, Southeastern Casket

Company, used to be Southeastern Carpet Cleaning only 6 months prior.  This

was a huge red flag.  The second way was to look real close at the D&B.  If

you understand how a D&B is put together, one can understand which parts can

be manipulated by the customer and which parts can not.  This D&B did not

look "iron clad" so we dug further.  Internal statements provided by the

customer listed expenses that ended in 0 or 50.  The odds of this are 0.

Phone bills, utilities etc do not end in 00.00.  It was obvious someone was

lazy.  The internal statements did match the tax returns.  Most of the

trades were voice mails and so was the bank.  We also called info to

determine through the banks main number that the number we had was not

related to them.  Calling info to verify banks is a excellent was to sift

our fraud.  While it takes time and money, it pays off.  Through the use of

reverse directory and quick trac we also determined that the vendors, CPA's

and lessee were somehow intertwined.


This group was good.  I am grateful to our excellent staff.   A major

underwriter took 2 hits on this deal and they have also determined it to be

fraud.  Extra due diligence ALWAYS pays off.  If you have any concerns or

questions, please call.  My understanding is the FBI is on this and if I can

help your firm I will.


-Paul von Bruck

Capital Funding Group

888-468-5822 x 208




“It's NOT All About Networking!”


Alan J. Zeppenfeld  Reports from the eLNA Conference.




Annual Networking Conference

August 28-30 | Atlanta, GA

The Ritz-Carlton, Buckhead


At last, writing without a deadline.  Kit and I had an agreement this year. For the days of the eLNA conference I would be a reporter and report what I saw at the conference, and when it was over I could be a writer and write what I felt about the conference.  One significant difference between the two is being on deadline as a reporter, but Kit was very accommodating about that.  He informed me that he puts Leasing News out at 1:00 am PDT, so I really had until 4:00 am EDT to submit my article. What a relief that was!!!!


There was a lot of talk at the conference about "evolution not revolution", and I was very impressed by the evolution of the conference itself.  Last years focus on "integration" was carried forward to this year's conference, and the companies selected to present this year moved us forward one more notch.  We had some new high use terms; XML, wireless, relationship-centric and a few others seemed to be the focus of discussion.  There was a good mix of companies that had been at all the conferences, and those that were there for the first time.  Those in attendance were clearly focused on gaining the maximum from the two days, and it was obvious that in terms of the leasing industry "they would be at the head of the table when the economy turns".


Someone once said that all great achievements happen because of a "monomaniac with a mission", a person totally focused on accomplishing a particular objective.  I apply all the positive meanings of that to John Semon and his quest to develop what he has entitled "The Network".  John knows where he wants to take eLNA and The Lessors Network, and he is not afraid to try new things, nor reluctant to put in the extra effort.

The shift to having only individual memberships, and crediting the membership dues to the conference registration is leading edge in the association world.


As I sit here and reflect on the conference, one presentation is still very strong in my thoughts, the Lessors Leadership Roundtable.  Billed as an "elite group of senior level business executives, representing the top tier Lessors in our industry", this group delivered as advertised and more.  David Kuncio told us that CitiCapital had a mission to be in the top 3 in any market they chose to be in and used strong metrics to measure their effectiveness.  Rodney Darensbourg impressed us all with the fact that UPS delivers 14 million packages per day to 1.2 million customers. Bill Kell gave us a great look at the strategies that got Fleet Capital Leasing to $6 Billion in volume.


But it is John Beville that I remember the most.  In the middle of his presentation on the great strengths of SunTrust Leasing, he diverted and gave us all something to think about.  John said that we need to keep in mind that there are a lot of great people that deserved to be at the conference, but couldn't attend because of what has happened in our industry.  As I looked around the room, I could see the nods of agreement because everyone had some direct experience or knew someone that had been affected by situations such as the big being taken over by the bigger, poor management decision making, or corporations that couldn't decide what direction to take. Talented people who had hit roadblocks in their careers through no fault of their own.  John reminded us that we should feel lucky about being employed and accept an obligation to assist those that are not. Certainly for eLNA it's all about networking, but in the larger scheme of things,

It's All About People!!


Congratulations and Thank You to John Semon and the eLNA staff for another winning conference.




(Thank you for your two timely reports and this wrap-up.  The conferences

are very well attended each year, which is another sign of their success. editor )


     Pictures from the Thursday at the eLNA Conference


. Cornerstone Software - Tammy Cosseboom, Mike Friedman, Ann Richards

Alan J. Zeppenfeld  Reports from the eLNA Conference.



William S. Cowden, Jr, Reid Watts, Charles Sellman, Sam Rozenberg

Alan J. Zeppenfeld  Reports from the eLNA Conference.


Rodney Darensbourg,  John Beville, J. William Kell, Larry Smircich,

David Kuncio



Rodney Darensbourg,  John Beville, J. William Kell, Larry Smircich,

    David Kuncio


( they will be posted on line )





The Week's Economic Events



September 3 MONDAY



September 4 TUESDAY



September 5 WEDNESDAY


Construction Spending: July


September 6 THURSDAY

U.S. Productivity2nd Qtr. final


Factory Orders: July


Sales of Leading Retailers: August


Weekly Jobless Claims


September 7 FRIDAY

Unemployment: August.



"Top Gun" Ignacio Sanchez, CLP


October 5, 2002  San Diego United Association of Equipment Leasing

    Annual Conference and Exhibition  "Top Gun"


 Leasing News will present two workshops

 9:45am  "Top Gun Salespeople"

They continually earn over $250,000 a year, according to

their W2. Get a clear picture of how they got started, what

propels them each step of the way to becoming a "partner" and

also earning the profits and net worth of the company.  What makes

them different, how do they approach sales,  none have appeared

in a conference workshop before:


  “Top Gun” Ignacio Sanchez, CLP


I grew up in Southern California and attended both San Diego State

University and California State University, Fullerton.


I started working for Balboa Funding Group in Jan 1990 right after I

graduated from California State University, Fullerton where I graduated with

a BA degree in Business Administration with my emphasis in finance. I

started out as a Junior Account Executive where I was taught leasing by Jim

Raeder, Shawn Giffin And Mark McQuity, I became an account executive in June

1990. In Jan 1993 I became the Sales Manager for the Irvine office and

served as sales manager for almost 4 years.  As sales manager was in charge

of all Irvine sales operations and at times funding, credit and training of

new sales reps. Even with  all my responsibilities I continued to sell and

was in the top 3 in sales for Balboa Capital every year.  In 1995 I became a

CLP. In 1997 I stepped down as Sales Manager and went back to selling and

training Jr. account executives. I continued selling there until I quit in

1998 because there was no chance of ownership.


I received a base salary, car allowance plus 30% of all profit on both the

front and back end of my transactions.


In 1998 I started TriStar Capital, LLC with my brother Mike Sanchez who was

with Balboa for 5 years and Banc One leasing for 1 year and Robert Hendrix

who was the National Sales Manager at Balboa Capital. I continue to sell and

run the company with my partners. In the 4 years we have been in business we

have grown rapidly and funded about 20mm in equipment cost in 2001.  We hope

to grow by at least 25% this year.


Ignacio Sanchez, CLP

Vice President

TriStar Capital, LLC




Sales Tax Project Meeting September 26-27, Milwaukee, Wisconsin


The next Streamlined Sales Tax Project meeting will be held at the Hyatt Regency in Milwaukee, Wisconsin on Thursday and Friday, September 26 and 27. This will be a meeting of the Project only; Implementing States will not be meeting at this time.


A continental breakfast (for all participants) will be available at 7:30 am.  The meeting will begin with a Government-only, Combined Work Group session on Thursday morning at 8:30 am.  This morning discussion is closed to the public.  Following lunch (for all participants) on Thursday afternoon, the private sector can join the meeting at breakout work group sessions.  Friday morning will be devoted to breakout work group sessions, and there will be a Project meeting open to all on Friday afternoon.


The following subjects will be covered in the breakout working groups: exemption processing, auditing, technology, telecommunications, bundling, digital property, and sourcing. The exact timing will be determined shortly. 


The meeting will be held at the Hyatt Regency Milwaukee located at 333 W. Kilbourn Avenue in downtown Milwaukee.  A block of rooms has been set-aside for the nights of Sept. 25-27.  The rate is $110 single and $120 double.  To make your reservations, please contact the hotel at 414/276-1234 or 800/233-1234.  Be sure to indicate that you are with the FTA Streamlined Sales Tax Meeting.  The FAX number of the hotel is 414/276-6338.


There will be a registration fee of $175 for this meeting.  The fee will cover (for all participants) a continental breakfast on both Thursday and Friday, lunch on Thursday and a dinner event on Thursday evening to celebrate Project accomplishments and to honor some of its fine leaders.  [More information to follow.]  Friday lunch will be on your own in one of the many great places downtown Milwaukee has to offer. You may register online at <>


Dennis Brown

Equipment Leasing Association



Friday’s News Reaction




Gene Callison


you outdid yourself, great newsletter today, thanks, Charles.


Charles Ledgerwood

Regional Sales Manager

Variant Leasing Corporation

San Juan Capistrano

(949) 248-4900





I don't know about you.....but those greedy millionaire crybabies (on both sides of the table) really p**sed me off.





Yippee!  Cubdom is saved. Now all we need to do is win 34 of our remaining

30 games to insure another 90 win season, guarantee 4th place in the

Division and possibly even finish 3rd in the Wild Card chase. Wow!  What a

year. Also this weekend we will  make more Cubbie history. On Saturday the

Cubs and Cards play a day/night doubleheader. The nite game is the history

part as it will be the first Saturday nite game in Wrigley Field history.

They expect 40,000 in the park and 150,000 outside making it the worlds

largest beer garden, partially explaining why its the first, and probably

the last Saturday nite game.


All kidding aside, the tragic death of Darrel Kile resulted in cancellation

of a game earlier in the season which resulted in the nite tilt being



Have a happy and safe weekend.

Ken Duffy





I am sorry.  I thought this was Leasing News - I think you have went way off

base from where this newsletter started.  Remember when it was all industry

related?  You should go back to the basics and what got your readership

where it is today.


James Hurst


(Well, I was excited about the news, and wanted to share it with everyone.

After writing about all the bad news, looking for some good news, I thought

I would share this with an extra about the baseball strike being averted.


Many readers don’t have a radio on (I don’t, unless in the car ). I got the

inside news a half hour before the news conference.  I am sorry if it bothered you.


But to go back to the beginning?  We would send out more announcements like

these, and sometimes two leasing news reports  a day.  We then evolved

to an on line version in html ( available on our website ), often with pictures, and other features such as The List, Books, Bulletin Board Alerts/Associations/Cartoons,

Whateverhappened to/eLease and then came Classified Ads. 


So to go back to the “beginning,” had more “extra’s,” “Sunday

Sermon,” and even “jokes.”


I do appreciate your feedback, but if you don’t like the “extra’s,” just

delete it.  Also you can read Leasing News on line with a click on the

“headline” to go to the story you want, and don’t open those that

you don’t like. Baseball strikes don’t happen often, and it would

have a psychological affect on all of us, and financial one, too.


We have grown from sending to a few friends, to several hundred,

to a few thousand, and now five thousand.  Jeff Taylor has a mailing

list of 14,000, so in comparison, we have much more potential

growth and the new features bring us more readers.


With the early news edition, we have all the scores and news and items from newspapers you don’t often read as you don’t live in the city, so it has become a popular feature,

according to other feedback I have received. I am sorry you don’t like

the baseball news. How about football? Editor.


News Briefs-----


Tokyo stocks close at 19-year low, dollar lower against yen

TOKYO (AP) Tokyo's key stock index closed Tuesday at 9,217.04 points, a 19-year low, despite government reassurances that Japan's economy has bottomed out.

TOKYO) - Tokyo's Nikkei average slid three percent in late afternoon trading on Tuesday to a fresh 18-year low as banks and other major blue-chip issues tumbled on worries over the dimming economic outlook in Japan and the United States. The Nikkei average (^N225 - News) was down 3.01 percent at 9,234.97 as of 0550 GMT, its lowest since November 1983.





West Coast dockworker contract not extended, talks break down

OAKLAND – West Coast ports marked Labor Day by bracing for possible labor disruptions later this week after weekend talks over a new contract broke down between shipping lines and the dockworkers' union. Each side gave different reasons for the impasse, but its effect was clear – as of 5 p.m. Sunday, there was no contract covering the dockworkers at 29 major West Coast ports who handle the booming Pacific Rim trade.




Union workers rally in LA to support dockworkers

LOS ANGELES (AP) With labor unrest looming at West Coast ports, the Rev. Jesse Jackson told thousands of union members Monday to ``stand your ground'' in a rally in support of dockworkers.

Consolidated Freightways filing for bankruptcy protection



SEATTLE (AP) After bleeding money for the past several years, 73-year-old Consolidated Freightways, which has terminals in Massachusetts, announced it would lay off 15,500 workers and file for Chapter 11 bankruptcy protection.



United selects oil industry exec Glenn Tilton as CEO pickup.

CHICAGO (AP) United Airlines named veteran oil executive Glenn Tilton its new chairman and CEO on Monday, reaching outside the airline industry in its effort to keep the ailing carrier out of bankruptcy. Oh,Boy!  Remember when Apple Computer chose John Scully from Pepsi Cola?





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"Top Gun"

October 5, 2002 Saturday

Leasing News--Two Workshops
"Top Gun" Salesmen
"Top Gun " Sales Managers

Richard Shapiro (Biography)

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