Kit Menkin's Leasing News

      Monday, September 23, 2002

  Accurate, fair and unbiased news for the equipment Leasing Industry

     Friday’s Leasing News posted  at 10:35am PDT





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Pictures from the Past


Tallest person, Ken Greene, Esq-Ken Green and Associations, 2000 United Association of Equipment Leasing  (UAEL) Spring Conference Chairman---In front of him, left to right:   Alan Collier,, Trish Williams and UAEL Executive Vice-President Dr. Ray Williams.



  Classified Ads----


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Sales, 60% Commission, INC Magazine ranked #1, minimum 2 yrs experience, vendors & customer base required. Telemarketing assistant & marketing campaign provided. AZ, LA or Home office.



Sales: Cleveland, OH  "CLP", "MAEL", "NAELM"

Independent 13 year old small ticket & middle market lessor looking for additional sales reps w. some experience in leasing. Draw/ commission from 50% to 60% commission.


Sales: San Juan Capistrano, CA  "ELA"

Variant Leasing has a current opening for an experienced, self-motivated professional. Excellent compensation package. Work with professionals that know how to get deals done.



Sales: San Clemente, CA.     "UAEL"

Positions open immediately for qualified sales people. Aggressive commission scale and a great work environment. Contact Todd Clark

949-369-4688 ext 223.



Sales: Carlsbad, CA       "UAEL"

ILS has immediate openings for Vendor salespeople. With diverse funding relationships/ the latest in lease automation technology, ILS offers seasoned salespeople unlimited commission potential in a stable environment. Email:


For the entire list of Help Wanted, go to:



The Week's Economic Events



September 23, MONDAY

Eastern Association of Equipment Lessors Conference.                       


September 24 TUESDAY

Consumer Confidence: September


September 25 WEDNESDAY

ELA Municipal Leasing Conf. Denver

Existing-Home Sales: August


September 26 THURSDAY

ELA Municipal Leasing Conf. Denver

Durable Goods Orders: August

Streamline Sales Tax Project Meeting

New-Home Sales: August


Weekly Jobless Claims


September 27 FRIDAY

ELA Municipal Leasing Conf. Denver

Streamline Sales Tax Project Meeting

G.N.P.2nd Qtr. final






GSC Capital---Bulletin Board Complaint

   The Shame of MSM Capital

     ---$1.3 Million in "Advance Rentals" Not Returned?

       Middle Eastern descent Collection Calls----

          Streamline Sales Tax Project Meeting Sept 26-27 Milwaukee, Wisconsin

            GATX Ventures Completes Management Transition

             2002 Bankruptcy Yearbook to be issued

     Mid-America Association of Equipment Lessors 20th Annual Meeting

       Dot-com Era Start-Ups Still Feeling Woes

        Aircraft Leasing-Fitch Ratings Affirms ILFC


  ### Denote Press Release


                    Tomorrow---Top Gun Sales Manager Brad Kissler






GSC Capital---Bulletin Board Complaint


---- GSC Capital-----

 602 North Park Center Drive, Suite 2302

Santa Ana, CA 90720


Frank Veloz at Coptech, Sunnyvale, California:


This is recap of what happened with a lease deal we were setting with

GSC Capital. Their address is 601 N. Parkcenter Dr. Santa Ana CA 92705. Ph



The VP of operation is Chad Lee and he is also the agent for service. The

controller is Mark Johnston. Their emails are

<>  and

<> .


 A quick summary this. We applied for a $ 175,000 lease for equipment. We were told we were pre-approved for a $100K line and they were confident their underwriter would approve the increased amount.


 We sent a check for $7510.26 as a deposit on July 24, 2002. This was

for the 1st and last month payments and we filled out their standard deposit

form. After many emails and phone calls in July and August telling us the

deal was at their underwriters, they notified us August 29th that they could

not get the deal underwritten and would promptly refund our deposit. Since

then , they have not returned calls and when pressed said they were waiting

for their underwriter to return the deposit.


Their VP operations, Chad Lee has refused to talk to us and our controller, Pat Cohan talked to their controller, Mark Johnston. He said they cannot return the deposit at the

present time because of their financial condition.  I have lots of emails

detailing the deal and if you need more information, let me know. Anything

you can do to get our deposit back will be appreciated.


 ( Frank Veloz is a personal friend of mine, president of the San Jose Opera Association,

has sat on the board of the directors of the San Jose Arts Council with me, is a customer

of American Leasing, where I am managing partner.  I tried to reach the parties

mentioned above, plus left voice mail messages with Mark Johnston, who is listed in the United Association of Equipment Leasing roster as the “primary contact.”  In addition, two faxes were sent to Mr. Johnston.


After the first one was sent, Frank Veloz was telephoned and told him he would

never get his money back for making a complaint to Leasing News.  At this

point, Mr. Veloz made arrangements to file a small claims $5,000 court action

in Santa Ana.  I also suggested he contact the local police department, the district attorney’s office, and the attorney general’s office, plus the Department of Corporations

who issues licenses to conduct business in the State of California under the

Finance Lender’s Law. I also suggested filing a grievance with the UAEL. Editor)


Leasing News has repeatedly requested GSC Capital for their side of the story.


For other Bulletin Board postings, please go to:




The Shame of MSM Capital


      $1.3 Million in “Advance Rentals” Not Returned?


 by Christopher Menkin


Around the end of last year, Leasing News started getting complaints for

the Bulletin Board that MSM Capital, Irvine, California was not returning “Advance Rentals.” Callers told us MSM would approve a lease in less than an hour, send out the documents, and take the check, but not fund leases. Officer Rob Pardini was mentioned often.


At first the officers Mike Cingari, formerly president of Colonial Pacific

Leasing in Oregon, and his “partner officer” Rob Pardini, denied it. It

was a mistake.   (I still have all the e-mail responses from them.)


As the complaints piled up over the news few months, they started to “discover” alleged accounting errors, they told us, and  in the beginning, Leasing News was successful in having “Advance Rentals” returned to applicants who contacted us.. We don’t

list on the Bulletin Board companies who return the money claimed. Both officers

of the corporation were becoming more difficult to reach. As we got more complaints, the  MSM Capital telephone calls were not being returned and Leasing News was getting “stonewalled.” Readers will remember  President Cingari’s comment: “Tell them I am not available.”


In May, the complaints became so numerous, they made it to the Leasing

News Bulletin Board. We found out we were no longer successful

in getting money returned, and evidently there were serious problems that

neither officer Cingari or Pardini wanted to admit. Up to this time, they

had been somewhat cooperative.


MSM Capital Corporation also known as NASBA Capital and MSM filed Chapter

7 Bankruptcy on July 31, 2002. The filing was accepted on August 1,2002

by the Clerk of the  Central District, U.S. Bankruptcy Court.


During this time, ex-employees were winning past due salary and commission

claims from the previous year to almost $200,000.  Leasing News printed their

stories, but it was not until we were able to obtain the over 100 page filing signed

by Michael Cingari, President, that we understood the “advance rental” game.


It appears over $1.3 million in “advance rentals” were not returned as documented

by 93 pages and 549 creditors.  Not all are “deposits.” Perhaps 90 percent are.  We called several of the creditors listed. They were located all over the country, mostly smaller

cities. The ones we contacted went back over a year, telling stories of signed leases, but no fundings.  Creditor dollar numbers were  $250, $494.58, $1,675.24, $4,536.08, $10,000, one $40,000 ( these were labeled deposits, but may have been vendor payments?)  We did not verify all of them.  We only sampled them, hearing stories of leases not funded.  They are listed in the Chapter 7 filing as “deposits” owed to creditors. We actually don’t know the exact number of creditors with “deposit” as there is a mixture, nor did we verify they were all not “advance rentals” not returned.  If

we were able to do this, we believe the dollar figure may be higher.


Labor claims were here, such as for salesman Ziya Arik, $75,000; Mark Bloom, $26,786.29; Jim Bowles, $28,855.46; Shawn Donahue, $25,381.53: $16,632.43;

Vishal Masani, $14,848.70; Mathew Swan, $27,041.00 ( there are others who

are pending, listed elsewhere in the filing. ).


Several “suppliers” are also listed, such as GE Capital/Colonial Pacific $135,000;

Centerpoint Financial Services, $23,081.76; Manifest, $8502.61;Business Insurance,  $2,455; workman’s compensation insurance, $4,000.  There is no estimate for personal property taxes (they stated “unknown,” evidently not paid,) sales tax, pensions or 401K plans.  These are claims “to be made by the governmental agencies.”


There is no mention of “reps and warrants” on leases “discounted” or disputes

with funding sources, as perhaps they are “contingent liabilities.”


The reason the salesmen were not paid their commissions: it appears the corporation had spent the money to meet overhead.


The evidence: page 1, Statement of Affairs:


   Income from operation of business:



Year to Date:   $538,856     Lease fee income 

Last Year:     $3,912,459     Lease fee income

year before:  $4,229,952     Lease fee income


The company evidently had no income to pay the salesmen for their commissions,

so they left.  Claims and counter-claims were made, but the California

Labor Court to date has ruled in favor of the ex-employees, even in appeals.

MSM has lost every labor complaint.  It appears the salesmen will never see

the money as assets listed are: accounts receivable, $405,000; office equipment

and furnishings, $400; and in debtor’s possession, office furniture, $250.00: total of $422,864.  After attorney expenses, court costs, payments to the government for

taxes, and secured claims, you can see from the math there will be nothing left.


Who’s fault is it that the company filed Bankruptcy 7.  After hearing

what appear as outright lies for over a year, it is obvious from the actual income statement filed, MSM Capital desperately needed “advance rentals” and the

salesmen’s commissions----The chapter 7 bankruptcy filing signed by President Michael Cingari gives every indication they had no means or intention of paying them.




Middle Eastern descent Collection Calls----


Here is a story you might want to investigate. I have several clients who

have ********  leases with  ****. Due to the economy, they have been running slow with  their  payments and have been receiving collection calls. They tell me that in

every case the collector is apparently from Middle Eastern descent.


I have asked others about this and get the same story. Is it possible that *****l has hired people  who have a Middle Eastern accent to be collectors and cash in on the fear of

terrorism? I have  been told that in some cases the collectors can barely be understood because  their accent is so thick. Since this was told to me in confidence and since I am

unable to  verify it I would appreciate it if you didn't use my name but you might be

able to find out about it using your own sources.


If it is true it doesn't speak well of   *******.


“Name With Held”








 Streamline Sales Tax Project Meeting Sept 26-27 Milwaukee, Wisconsin


The attached word document contains the paper to be finalized by the Digital

    Property Subgroup regarding "Digital Property" and "Digital Equivalent of

    Tangible Personal Property" during the Streamlined Sales Tax Project Meeting

    on September 26th and 27th at the Hyatt Regency, in Milwaukee, Wisconsin.

    The concepts discussed in this issue paper will be the major focus of the

    subgroup meeting from 1 to 3 p.m. on Thursday, September 26. The subgroup

    will also plan for future definitions from approximately 3 to 5 p.m. that



Dennis Brown



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GATX Ventures Completes Management Transition


CHICAGO,/ -- GATX Ventures today announced that Robert D. Pomeroy, Jr., currently a senior vice president of GATX Ventures, will become president of GATX Ventures on September 30. GATX Ventures also announced that Gerald A. Michaud, currently a senior vice president of GATX Ventures, will assume responsibility for all marketing activities at GATX Ventures.


Mr. Pomeroy (51) and Mr. Michaud (49) joined GATX Ventures in 2000 from Transamerica Technology Finance (TTF), where they co-founded and led the development of TTF's venture lending business.


These announcements mark the final phase of a process by which James V. Mitchell, the current president of GATX Ventures, and Lee F. Meier, a senior vice president of GATX Ventures, have been transitioning management responsibility to Mr. Pomeroy and Mr. Michaud. Mr. Mitchell and Mr. Meier co-founded GATX Venture's predecessor company, Meier Mitchell & Co., in 1984 and began collaborating with GATX in 1987. Since that time, they have been instrumental in developing GATX's domestic venture finance business and building the foundation for future leadership through the recruitment of Mr. Pomeroy and Mr. Michaud. Mr. Mitchell and Mr. Meier will be retiring from GATX Ventures on September 30.


Jesse V. Crews, president of GATX Capital, stated, "We are very pleased to have Rob and Jerry leading GATX Ventures. Their experience in the industry, insights, and strategic capabilities will be critical to our future success in this business. At the same time, I want to recognize Jim and Lee's accomplishments. For fifteen years, they have been central to the success of our venture finance business, building the business from a concept into an industry leader. Their effort and commitment to GATX has been outstanding, and we will continue to benefit from their vision in the years ahead."




GATX Ventures and GATX Capital are units of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE: GMT). GATX is a specialized finance and leasing company. It uniquely combines asset knowledge and services, structuring expertise, partnering and risk capital to provide business solutions to customers and partners worldwide. GATX specializes in railcar and locomotive leasing, aircraft operating leasing, information technology leasing venture finance and diversified finance.


Investor, corporate information and press releases may be found at . A variety of current financial information, historical financial information, press releases and photographs are available at this site.


SOURCE GATX Corporation


CONTACT: Analysts and Investors, Robert C. Lyons of GATX Corporation, +1-312-621-6633 /Company News On-Call:




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A 500-page compilation of information covering all aspects of corporate

bankruptcy, "The Bankruptcy Yearbook & Almanac" has become an invaluable

resource for bankruptcy practitioners of every ilk.


Available Mid-October!  To order, call 800-468-3810.


To view the 2000 Index, visit:




Mid-America Association of Equipment Lessors


20th Annual Meeting


November 7, 2002

5:00PM Meeting (*Meeting is for Members Only)

5:30PM Reception

7:00PM Dinner

8:30PM Entertainment

9:00PM Adjourn


Reservations will be taken on a first-come, first-served basis. Please respond on or before October 24th.


Not sure whether you saw this yet.  Can you please post periodically on Leasing News?  Hopefully you and your readers will find a reason to

be in Chicago then and join in on the networking festivities!!!  Will be sending out a follow up offering half page/half price sponsorships

including four participants next week, so you have it in advance.

It is a teaspoon, not a scoop.  Have a nice weekend!!!


Best regards,


Clyde D. Cady


Facility Capital

333 West Wacker Drive

Suite 1750

Chicago, IL  60606

312.541.6000 phone

312.541.1275 fax

312.399.9335 mobile

Members ELA & MAEL



Dot-com Era Start-Ups Still Feeling Woes


By Michael Chait


Companies that rode in on the "dot-com boom" of the late '90s are still feeling the woes of the "dot-com bust" harder than their associates at more established companies, according to a report issued by VentureOne. Venture-backed companies that received initial financing in 1999 and 2000 are going out of business at an accelerated rate, compared to startups initially funded from 1992 to 1998.


Twenty-two percent of the 1,842 companies first financed in 1999 have already gone out of business, compared with an average of 15 percent for companies started over the previous seven years. Of the companies initially financed in 2000, 18 percent are already defunct. In all, the amount invested in startups founded since 1999 that are no longer operational totals $15.3 billion.


"During the 1992 to 1998 time period it was a much more rational approach to evaluating companies and what was expected in terms of returns and timing of returns," said Paul Ritter, an analyst at the Yankee Group. "By 1999 it was a frenzy of funding activities, with many companies getting funded without much scrutiny and without much expectation for when payback periods would arrive."


According to the report, the sheer volume of funding during the so- called "dot-com boom" could be the major factor in the failure rate. The number of initial financing rounds grew steadily throughout the early '90s, but between 1998 and 1999 it almost doubled, and then grew by an additional 44 percent in 2000. Analysts agree that the market simply couldn't support this overabundance of companies.


"How many pet food companies can be sustained in an online market?" joked Ritter. "Very few companies have the potential to grow in size to be Amazon-like in revenue, but many companies had business models predicated on achieving that type of revenue and new customers. You have so many companies that need so many customers, but there's a limit to who is on the Web."


Products and services ventures, as one may have expected, fared the worst, with over 27 percent of companies receiving funding in 1999 and 2000 failing. Healthcare startups, though comparatively unpopular at the time, have fared better with only 9 percent now out of business, while 20 percent of Information Technology ventures from the period have shut their doors.


As one might expect, the earlier the vintage year, the higher the ratio of companies that have achieved liquidity to those still private. And between 1992 and 1998, this ratio changes at a relatively steady pace. But for vintage 1999 companies, the proportion alters drastically: only 18 percent have had a liquidity event, compared to nearly one-third of the vintage 1998 startups.


The good news isn't over yet, as the report notes that it is likely that the failure rate we've seen to date is probably modest compared to what's in store for the 1999-2000 crop of companies.


Ritter agrees with the studies prediction, noting that many of those companies have a tough road ahead, especially when factoring in current economic conditions.


"Those companies on the edge should look to improving their bottom line, but also look for strategic partners and buyout opportunities," said Ritter.


The VentureOne study, which takes inventory of all companies receiving initial venture financing during the past ten years, shows that $26.1 billion were invested in companies that subsequently went public, versus $26.7 billion in those that were acquired or merged. Venture-backed companies that are still private have raised $124 billion to date.


############# #############################################


Aircraft Leasing


Fitch Ratings Affirms ILFC; Rating Outlook Revised To Negative



NEW YORK--(--Fitch Ratings affirms International Lease Finance Corp.'s (ILFC) 'AA-' senior debt and 'F1+' commercial paper ratings. The Rating Outlook is revised to Negative from Stable. Approximately $18 billion of debt is covered by Fitch's actions.


ILFC's ratings reflect the company's superior market position in the aircraft-leasing sector, well-defined operating strategy demonstrated ability to navigate through previous downturns in the commercial aircraft industry, and ownership by its ultimate parent, American International Group, Inc. (AIG). Rating concerns center on pressure on lease rates due to shake out of US-based airlines, potential asset impairment due to the oversupply of aircraft, reduced secondary market activity for aircraft, and aircraft manufacturers expanding their presence in the leasing market. In addition, Fitch is increasingly focused on ILFC's standalone credit worthiness given the absence of explicit support currently in place.


The change in Rating Outlook recognizes the changes that have occurred in the commercial aircraft market over the last 12 months and the new challenges facing ILFC. Specifically, the events of Sept. 11, 2001, may have accelerated the long-needed rationalization of the U.S. airline market. While ILFC's exposure to domestic airlines is moderate, U.S. Airways Group's bankruptcy could have a direct impact on ILFC. Although not an ILFC customer, U.S. Airways elected not to affirm its leases on 10 Boeing 737-300/400 aircraft and four Boeing 757-200 aircraft during its bankruptcy proceedings. As such, over the immediate term, the valuations of ILFC's fleet of 79 B737-300/400/500 and 56 B757-200 aircraft could come under pressure, especially if another airline reduces its fleet of these aircraft types, either voluntarily or through bankruptcy.


Longer term, the current shake-up in the commercial aviation market could strengthen ILFC's market position as many competitors exit the sector either as part of a business rationalization strategy or failure. While Fitch views industry rationalization as a positive for ILFC, it does have downside. A decline in the number of second and third tier aircraft lessors could result in a reduction in secondary market liquidity. A vibrant secondary market is crucial for ILFC as management has used aircraft sales as a way to help manage leverage to its year-end goal of 4.00 times (x) and refresh the fleet. If the used aircraft market substantially weakens for an extended period of time, Fitch believes that ILFC would need to revise its operating strategy and increase the average age of its fleet.


While these concerns could impact ILFC and how it operates in the future, they must be taken in the context of the company's rating strengths. More so than any other company in Fitch's leasing universe, ILFC has real market power. This market power arises as a result of its nearly 30 year track record of dependability by delivering the aircraft its customers needs when they need it. Likewise, ILFC, in the event of underperformance by the lessee, does not hesitate in repossessing its aircraft to remarket to other users.


Founded in 1973, ILFC is one of the world's largest aircraft operating lessors. At June 30, 2002, ILFC's operating lease portfolio totaled 532 commercial aircraft. Throughout its existence, ILFC has demonstrated to be a skillful and efficient operator with significant industry contacts and clout.


AIG, the largest insurance organization in the world as measured by market value, acquired ILFC in 1990. Although AIG, rated 'AAA' for long-term debt, does not provide any formal support to ILFC, it has downstreamed approximately $650 million of capital to assist in the subsidiary's growth over the years. As such, ILFC's ratings currently benefit from the 'halo effect' created by the AIG ownership. However, absent explicit support, Fitch believes that ILFC's ratings would fall into the 'A' category.


Despite these challenges facing the aircraft-leasing sector, ILFC is on track to report one of its best years ever in 2002. For the first half of 2002, ILFC reported net income of $248 million before SFAS 142 adjustments versus $241 million for the same period in 2001. While return on assets and return on equity declined to 1.95% and 11.95% in the 2002 period from 2.30% and 13.62% in 2001, profitability remains solid and within ILFC's 10-year range.


Leverage at June 30, 2002 stood at 4.48x. Typically, leverage increases during the first half of each year when ILFC takes delivery of most of its aircraft orders but declines during the remainder of the year as a result of equipment depreciation and sales and increased retained earnings. With the secondary market for commercial aircraft being almost non-existent in 2002, ILFC will most likely depend on equipment depreciation and earnings retention as the drivers for reducing leverage. Fitch projects that year-end leverage will approximate 4.35x, based on anticipated deliveries and continuation in the operating trends reported in the first half of 2002. Fitch would not be surprised, if AIG downstreamed additional equity to ILFC, as it did in 2001 following the fallout from Sept. 11, to assist the company in moving closer to its leverage target.




Fitch Ratings


Philip S. Walker, Jr., 1-212-908-0624


Thomas J. Abruzzo, 1-212-908-0793 (Int'l Lease Fin. Corp.)


Julie T. Burke, 1-312-368-3158 (American Int'l Group)


James Jockle, 1-212-908-0547 (Media Relations)


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The Sun Cobalt, running on Unix, was not compatible with our Unix firewall, as it was running on Microsoft software. (We are running a Windows 2000 mail program. )At the time, Microsoft was compatible with Unix software, but it appears Sun Unix is not. It appears does not want to support the Unix operating system. So we had to order a Sun Unix Firewall device.  We will then have to reconfigure the computer and software.




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"Top Gun"

October 5, 2002 Saturday

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

Richard Baccaro
Mark McQuitty
Jim Raeder
Ignacio Sanchez
Richard Shapiro
Tony Sherwin

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