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Kit Menkin's Leasing News www.leasingnews.org Friday,
September 6, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry --posted daily at www.leasingnews.org--- Thursday Leasing News posted at 10:300 am PDT ----------------------------------------------------------------------------- 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 ) --------------------------------------------------------------------------------------------- E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp ----------------------------------------------------------------------------- NOTICE To Readers on Line
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) ---send us a picture
from the leasing past by e-mail or
by regular mail ( we will return it )--- ----------------------------------------------------------------------------------------------------- Classified Ads here are four from: http://65.209.205.32/LeasingNews/JobPosting.htm 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
corporations.Email:tkorpolinski@ev1.net 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. Email:cycling4fun2002@yahoo.com
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. Email:leaseman222@yahoo.com 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. Email:jonathanwalmsley@yahoo.com Headlines---- Larry Grant Found!!!---Former ACC/Amembal
at New Digs
Now heads Transportation Alliance Bank Equipment Leasing Division 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 ### Denotes Press Release--- MSM Capital Bankruptcy
Hearing ---Monday—Leasing News --------------------------------------------------------------------------------------------------- Larry Grant Found!!!---Former ACC/Amembal at New Digs ################## ####################################### 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) ################ ############################################# 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 (Oliphatfinancial.com) 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 (http://wwde.com),
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 ELAonline.com) ############### ############################################
________________________________________ 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 rbaccaro@aefllc.com -------------------------------------------------------------------------------------------------------- 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) By GERALDINE FABRIKANT New
York Times 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. ################### ####################################### SIEMENS FINANCIAL SERVICES, INC. NAMES JAMES ANAYA AND TED
EDGAR AS REGIONAL MANAGERS FOR THE EQUIPMENT FINANCE
DIVISION 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. ABOUT SIEMENS FINANCIAL SERVICES 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 www.usa.siemens.com ################## ######################################## 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. E-Mail Removal Form: \http://65.209.205.32/LeasingNews/removalform.asp +++++++++++++++++++++++++++++++++++++++++++++++++ Subscribe, Unsubscribe, Make Changes E-Mail. You may subscribe
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