Kit Menkin's Leasing News  Friday, September 6, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

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              Rosh Hashanah Begins at Sundown (Jewish New Year—Hebrew Calendar date: Tishrl 1,5763.  Rosh Hashanah ( literally “ Head of the Year” ) is the beginning of 10 days of repentance and spiritual renewal )



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Pictures from the Past


Craig Knudson

Heritage Leasing Corp.

San Diego, California



                (to be posted at the newsletter on line at )


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Classified Ads here are four from:



   Sales: Dallas, TX

Director, Business Development for international financial institutions. Global vendor programs with minimum sustainable volume of $24M annually. CFO and Treasury contacts with major technology and energy


Sales: Phoenix, AZ

Leasing Professional for 9+ years, small/middle market arena with existing customer base. Proven sales person, Currently in IT leasing, open to relocation, not looking for a broker situation.


Sales: Detroit, MI

Experienced, hardworking, goal oriented sales professional with strong structuring/restructuring skills. Captive/vendor middle market IT concentration. Seeking position with leasing company in Michigan.


Sales: San Diego, CA

Experienced, hardworking, driven, goal oriented sales professional seeks position with leasing company in California. Please reply to this posting/ I will forward my resume today.


Larry Grant Found!!!---Former ACC/Amembal at New Digs

   Now  heads Transportation Alliance Bank  Equipment Leasing Division

                "Top Gun"  Richard Baccaro

Oliphant Financial 10th Year in Business!!!

    Demand for Money drops to 40 year Low

     Mortgage Rates Hit Record Lowest Level

  Unemployment Rate Fell to a Five-Month Low in August

    G.E. Expenses for Ex-Chief Cited in Divorce Papers

     Siemens Financial: James Anaya/Ted Edgar Reg.Mgr. Equip.Finance

          News Briefs----



### Denotes Press Release---


   MSM Capital Bankruptcy Hearing ---Monday—Leasing News




Larry Grant Found!!!---Former ACC/Amembal at New Digs


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Transportation Alliance Bank Adds Equipment Leasing Portfolio



Transportation Alliance Bank Inc. (TAB) is announcing the addition of Equipment Leasing to their portfolio of products.



Founded in 1998 as a wholly-owned subsidiary of Flying J Inc., TAB was established to create a portfolio of financial products for the trucking industry. In addition to their standing as the industry's largest provider of diesel fuel and travel plazas in the United States, Flying J was recently ranked 46th on Forbes' list of the 100 largest private companies.


With the strength of their parent company, TAB has developed a variety of products in a relatively short period of time, including: accounts receivable financing, commercial loans, debit cards, and more. Today, TAB is recognized as a leader in providing financial services to trucking companies of all sizes.


Building on their experience with the trucking industry, TAB is expanding its line of financial services to include Equipment Leasing for a broad range of industries and equipment types - not just transportation. Larry Grant, a 30-year veteran in the financial services industry and former executive vice president of ACC Capital in Salt Lake City, has accepted the position as director of the Equipment Leasing Division. Grant says that TAB's "can-do" attitude with the transportation industry will carry over into other industries such as hospitality, healthcare, technology, and more.


"Even with the downturn in the economy, Transportation Alliance Bank has helped thousands of trucks stay on the road that otherwise would have been sitting idle in parking lots. When other institutions are likely to tell a client 'no', TAB finds financing solutions that allow them to say, 'yes - we want to be your financial partner and help your business succeed.'"


But why would a bank created for and dedicated to the trucking industry want to provide financing for companies that aren't trucking-related?


"TAB already has a financial relationship with more than 20,000 manufacturers, wholesalers, retailers, and other shippers in a wide variety of industries via our Accounts Receivable Financing programs," says Clint Williams, TAB's president and COO. "Once TAB purchases the receivables from trucking companies, the bank becomes the creditor for the shippers. We are ready to take our relationship with these shippers to the next level, and provide them with quality leasing options that will allow them to obtain the equipment they need to be successful."


For more information about TAB's Equipment Leasing opportunities, contact Larry Grant at 801-589-9922.


(He has the reputation of a “deal maker”, meaning he gets the deal DONE!!!  editor)


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Oliphant Financial Corporation Announces Its' 10th Year in Business


Sarasota, Florida- Oliphant Financial Corporation (Oliphant) a leading buyer, seller, broker and advisor of distressed debt and performing receivables announces its’ 10 year anniversary.


Commenting on his firm’s tenure, Robert A. Morris, President and Founder, shared that Oliphant’s success in the financial marketplace is attributed to a long-standing commitment to customer satisfaction built on a foundation of mutual trust. “There is simply no substitution for a client’s confidence in our abilities to do what we promise. Oliphant has always made every effort to be most attentive to its client’s needs and upfront with the facts”.


Oliphant ( began business as one of the first purchasers of distressed debt in early 1992. Later, it gradually expanded its operations into portfolio sales, brokerage, evaluation and technical services. In 2001, Oliphant Financial Corporation contributed to the release and utilization of the WorldWide Debt Exchange (, a software platform to facilitate the on-line trading of receivables.


Mr. Morris was a founding board member of the nationally associated Debt Buyer’s Association, and is currently serving that body as its’ President.


(Courtesy of


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 "Top Gun"  Richard Baccaro

  picture of Richard on his Harley


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"

11:00am “Tom Gun “ Sales Managers


They have made millions of dollars for their respective companies and have a

proven track record of performance.  One of them left a major position recently

to start his own leasing company, but he has a background of success in attracting,

training and retaining the best salesmen.  Like “Top Gun” pilots, they are the

best of the best.


Here is Richard Buckaroo’s Background:


1985-1995         EVP-Sales First Financial - Princeton NJ

1996-1998         President/CEO ICC - Bridgewater NJ

1998-1999         VP-Sales First Sierra Financial - Houston TX

1999-2000         SVP-Sales SierraCities formerly First Sierra Financial

2000-2001         EVP-Sales SierraCities/American Express          

2002-                  President/CEO  American Equipment Finance LLC -

                            Warren NJ/Scottsdale AZ


Wife:                 Merryl

Children:           Andrew, Valerie and Ashley

Resides:           Warren, NJ (still looking to sell my Scottsdale home)

Passions:          Golf, Coaching the kids, Riding my Harley, Saturday

                            nights out with Merryl


Richard A. Baccaro


Demand for Money drops to 40 year Low


Interest rates dropped yesterday, some to lows not seen since the 1960's.


The yield on the 10-year Treasury note was at 3.92 percent in late trading, the lowest rate since 1963 on a government security with a 10-year maturity.


The supply far outshines the demand.  Those in the financial market have surplus

of cash, yet outstanding accounts receivables and defaults, but very little

demand for "cash" to major institutions and banks.


The declining yield on the 10-year note and other Treasury securities is helping drive mortgage rates lower. Freddie Mac said yesterday that the average national rate for a 30-year fixed-rate mortgage had dropped to 6.15 percent, the lowest since the mid-1960's.


Many car manufacturers are offering "zero" interest rates, and retailers no pay until

2004 ( with the gimmick, if you miss a payment or don't pay off before the due date,

you owe 18% to 21% ).



Mortgage Rates Hit Record Lowest Level


Rates for 15-year fixed-rate mortgages, a popular option for refinancing, also fell this week, to 5.56 percent, the lowest level since Freddie Mac began tracking these rates in August 1991.


 The average interest rate on a 30-year fixed-rate mortgage fell to 6.15 percent this week, the lowest level in 32 years of record keeping, according to Freddie Mac, the mortgage company. This is the third time this year that 30-year mortgage rates have set a record low.



Unemployment Rate Fell to a Five-Month Low in August


 ( some Good news!!! )


By KENNETH N. GILPIN  New York Times.



In a sign that the economy may not be as weak as feared, the Labor Department said this morning that employers added 39,000 workers to their payrolls last month, and that the unemployment rate, which had held steady at 5.9 percent for the previous two months, fell to 5.7 percent in August.


The numbers were slightly better than most analysts had been anticipating, and stock prices surged after the release of the report. Most economists had forecast an increase of around 30,000 in payroll employment, but had also expected to see the unemployment rate rise to 6 percent or a bit higher.


"The headlines are a pleasant surprise," said David H. Resler, chief economist at Nomura Securities International. "These numbers suggest the economy has a bit more vitality than financial markets have given it credit for."


By midmorning all major stock market averages were posting healthy gains. The Dow Jones industrial average was up by 125 points. The Nasdaq composite index had risen by more than 40 points. And the Standard & Poor's 500 index was just over 10 points higher.


Meanwhile, signs that the economy is not as weak as it seemed pushed down bond prices.


In addition to last month's gain in payrolls, the Labor Department issued revised data for June and July that showed that job growth in those two months was greater than originally reported. Coupled with the gains in August, payrolls have now expanded for four straight months.


Still, the numbers were greeted skeptically by some analysts, who noted that they seem at variance with other recent readings showing that hiring conditions are softening. Weekly unemployment claims, for example, have risen for the past three weeks. And the most recent report from the nation's purchasing managers showed that employment in the manufacturing sector declined in August.


"Payrolls are growing very modestly, but if you look at the weekly claims numbers it seems like more people are being laid off," said Steven D. Slifer, co-chief United States economist at Lehman Brothers. "The unemployment rate has dropped, but do you believe it?"


Mr. Resler said he also found the drop in the unemployment rate puzzling.


"These numbers are at odds with other data we have seen," he said.


Nevertheless, Mr. Slifer and others said that the numbers released this morning were strong enough to keep the Federal Reserve from cutting interest rates when policymakers gather in Washington later this month.


"The picture is sufficiently confusing that the Fed will sit tight and wait to see what is what," Mr. Slifer added.


In the wake of the July employment figures, which were quite weak, analysts, fearing that the economy was on the brink of lapsing back into recession, had predicted that the central bank would move quickly to cut short-term interest rates.


Even after the July figures, "we felt we were not looking at a double dip, and that the Fed would not cut rates," said James Glassman, senior United States economist at J. P. Morgan Chase.


"We still feel that way."


Mr. Glassman said that recent reports, including numbers showing an improvement in capital spending and big gains in auto sales, had led him to push up his third-quarter gross domestic product forecast to 3.5 percent, from 3 percent. The economy grew by a paltry 1.1 percent in the second quarter.


In the August report, the Labor Department said that last month hiring increased in the construction industry, in government and in the service sector. But those gains were largely offset by employment cuts in manufacturing and retail.


Service sector employment surged by 100,000 in August, compared with an average monthly gain of 62,000 the previous five months.


Government employment rose by 41,000, as increases in Federal and local government hiring more than offset losses in the state education workforce.


Employment in the Federal government rose by 20,000, with the Transportation Security Administration, which oversees the nation's security at airports, accounting for most of the increase.


Construction employment rose by 34,000 in August, reversing a loss of 30,000 jobs in July.


The big disappointment was in manufacturing, where payrolls shrank by 68,000 after four months of losses that averaged just 18,000 jobs.


"There is no question the manufacturing sector is weaker," Mr. Resler said.


And retail employment fell by 55,000, despite the start of the normally busy back-to-school shopping season. Earlier this week big retailers like Wal-Mart and Target reported August sales figures that were weaker than anticipated. Some analysts attributed the softer spending numbers to hot summer weather.


"The economy is moving ahead, but at a very slow pace," said Donald J. Fine, president of Fine Financial Forecasting. "The recovery is following a classical cyclical pattern: payroll growth is advancing, but at a slower pace than the overall economy. You have to put thoughts of a double dip on the back burner, at least for now."



G.E. Expenses for Ex-Chief Cited in Divorce Papers


(Tyco's Dennis Kozlowski Learned from his buddy Neutron Jack)




Papers filed yesterday in the divorce of John F. Welch Jr., the former chief executive of General Electric, by his wife contend that G.E. covered enormous living costs for them while he led the company and will continue to do so for him for the rest of his life. The extent of these benefits has never been disclosed by the company.


General Electric has reported that Mr. Welch's total compensation, including bonus and salary, was $16.7 million in 2000, his last full year at the company before his retirement last September. It has also said that he will remain a consultant to the company on a retainer of $86,000 a year and will continue to have access to G.E. services and facilities.


But it did not disclose the value and the details of his perquisites as chief executive that will apparently continue through retirement. Along with access to corporate aircraft, mentioned previously in company footnotes, the documents filed by his wife, Jane, describe his use of a Manhattan apartment owned by G.E., floor-level seats to the New York Knicks, courtside seats at the U.S. Open, satellite TV at his four homes and all the costs associated with the New York apartment, from wine and food to laundry, toiletries and newspapers. The privileges, down to certain dining bills at the restaurant Jean Georges in the Manhattan apartment building where he lives, have continued even in retirement, the court papers indicate, without placing a value on them.


Acclaimed for his ability to deliver higher profits year after year at G.E., Mr. Welch was one of the nation's most admired chief executives, and his employment contract struck in 1996 reflected his company's impressive performance.


But people who specialize in corporate governance and compensation said yesterday that they were taken aback by the long list of benefits, though they had known about the corporate aircraft, for example.


Nell Minow, a governance expert and the editor of The Corporate Library, once described Mr. Welch's employment contract as a model because it did not appear to include a huge number of benefits. After being told about the filing, she said yesterday: "I would have thought that perks like this had to be disclosed, and they were not. There is really no justification to pay for any living or traveling expenses at that level, particularly now that he is in retirement."


Jonathan Macey, professor of law at Cornell University, said, "General Electric was probably not legally obligated to disclose the details" of his package.


Should the company have awarded him such benefits? "If you think he was leaving and they induced him to stay with these perks," then perhaps it was justified, Professor Macey said. "If it is handed to him by board cronies, then it is not justified. But it is harder to make the argument that this is illegal."


The G.E. proxy statement for 2001 states that the company will provide Mr. Welch, who remains a consultant to the company, with "continued lifetime access to company facilities and services comparable to those which are currently made available to him by the company."


The company provides few details about what those services are. The document did not list any personal use by Mr. Welch of corporate aircraft last year, though it did quantify aircraft use by other executives. There is no mention of sports tickets or restaurant meals or the G.E.-owned apartment on Central Park West, which the court documents value at about $80,000 a month.


According to the court papers, the subsidized benefits include a car and driver for the Welches, and the communications and computer equipment at the Manhattan apartment and at their homes in Connecticut, Massachusetts and Florida. G.E. pays for security personnel when the Welches travel abroad.


Mrs. Welch states that G.E. was paying for V.I.P seating at Wimbledon, a box at the Metropolitan Opera, a box at Red Sox games, a box at Yankee games, four country club fees, security services in all four homes and limousine services while traveling. Because of his relationship with G.E., Mr. Welch and his wife also got discounts on diamonds and jewelry settings.


Gary Sheffer, a General Electric spokesman, pointed last night to Mr. Welch's consulting agreement with G.E., which pays him at least $86,535 annually for his first 30 days of work, with a payment of $17,307 for every additional day.


The agreement, which has been widely disseminated, states that he gets lifetime access to G.E. services and facilities. "The technical stuff is basic business material that he needs as a consultant," Mr. Sheffer said.


Through an assistant, Mr. Welch declined to comment last night.


Mr. Sheffer said he could not confirm all the other expenses but that "a lot of it goes back to Jack's consulting agreement, which was signed in 1996, when the board asked him to stay on until he was 65 years old," he said.


"As part of that agreement, he got promised access to everything he had had as chief executive after he left," Mr. Sheffer said.


As to tickets to Wimbledon, he said, "we broadcast them," referring to television coverage by NBC, a unit of G.E. When his meals at Jean Georges are for personal reasons, he pays, Mr. Sheffer said, quoting Mr. Welch's assistant.


The general reference to G.E. services is misleading, Ms. Minow said. "It is appalling that one of the wealthiest men in America cannot write a check for his own Knicks tickets," she said. "It is appalling to me that Jack Welch's flowers are being paid for by retired firemen and teachers who are the G.E. shareholders and don't know this is going on.


"The reason that executive compensation and employment contracts are disclosed is so that investors know whether the interests of the executives are aligned with those of shareholders and whether the board is doing its job," she continued. "In this case, based on what was publicly available, it was impossible to tell that."


High living by chief executives on the company's payroll has become a sore point for shareholders as the stock market has plunged. One prominent example was the $17 million New York apartment that Vivendi Universal bought and made available to Jean Marie Messier, who was recently ousted as chief executive. Tyco shareholders recently learned that the company forgave a $19 million loan to its former chief executive, , L. Dennis Kozlowski, that was used to purchase a home in Florida.


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BRIDGEWATER, NJ  – Siemens Financial Services, Inc. (SFS) today announced that James Anaya and Ted Edgar have been named regional manager for the Equipment Finance Division. James will be responsible for the western region while Ted will oversee the Midwestern region. As regional managers James and Ted will be responsible for supporting the sales efforts and leasing needs of the Siemens Operating Companies as well as third party vendors in their respective regions.


Siemens Financial Services Equipment Finance Division provides financing and leasing options for equipment and products produce by Siemens, as well as other manufacturers and distributors of capital equipment. The addition of Anaya and Edgar to the team will enhance the equipment leasing and finance capabilities SFS offers to its customers.


     “The added coverage in the midwestern and western regions helps the equipment finance division better serve the financing needs of our U.S.-based clients,” said Bruce Nolan, Vice President of Sales at SFS. “I am confident that with Ted and Jim’s background in equipment leasing, SFS will continue to provide exceptional service to the Siemens Operating Companies and as we expand our services to more third party vendors.


     Anaya has more than 15 years of experience in the equipment leasing and finance field. Most recently, he was employed at Key Equipment Finance (LeaseTech), where he served in the capacity of regional leasing manager for the Northern California Vendor Programs. Anaya also spent time at Leasing Solutions and Hitachi Data Systems Credit Corp.


Edgar has more than 25 years of experience in the equipment leasing and finance field. Prior to joining SFS, Edgar was VP of Equipment Financing at 1st Bank of Oak Park, where he spearheaded the bank’s equipment finance division. His other experiences with business development and sales management included AT&T Capital, GE Capital, and CIT.



     Siemens Financial Services, comprised of Siemens AG’s worldwide independently operated financial services affiliates, is an international financial services provider with a strong customer focus and more than 1,100 employees in over 30 countries, offering customized financial solutions ranging from sales and investment financing to fund management.

     Siemens AG (NYSE: SI), headquartered in Munich, is a leading global electronics and engineering company. It employs 450,000 people in 193 countries, and reported worldwide sales of more than $74 billion in fiscal 2001 (10/1/00 – 9/30/01).   The United States is Siemens’ largest market, with nearly 80,000 employees and sales of $18.9 billion for fiscal 2001. For more information about Siemens in the U.S., go to


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News Briefs----



Retailers report sluggish back-to-school sales: Back-to-school sales failed to give the nation's largest merchants a much-needed lift, as parents fretted about job security and stock market volatility.




(Santa Clara, Ca) Intel narrows sales outlook, says chip demand weak: Citing soft demand for computer processors by consumers and businesses, Intel Corp. said Thursday that third-quarter sales will be within previous forecasts but at the lower end of the range.




West Coast shippers, port workers agree on benefits package, negotiate other points of contract

SAN FRANCISCO (AP) Shipping lines and West Coast dock workers tentatively have agreed to a new benefits package and are negotiating other contentious points of a new contract.


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"Top Gun"

October 5, 2002 Saturday

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

Richard Shapiro (Biography)

Full UAEL Conference Brochure

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