Kit Menkin's Leasing News
www.leasingnews.org Tuesday, September 24, 2002
Accurate, fair and unbiased news for the equipment Leasing Industry
Monday's Leasing News posted www.leasingnews.org at 10:50am PDT
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Pictures from the Past
Sales: Hauppauge, NY "EAEL "
Lessor est. 20+ yrs. Diverse lease funding capabilities / SBA products. High end CRM technology, in-house telemarketing. Generous splits/residual sharing. Work f/home or office. Email:smorris@CreditAmericaFunding.com
Sales: Woburn, MA "ELA "
Sales Professionals wanted for Inside opportunities locally (MA.), and remote Acct. Manager openings Nationally. Submit resume to Anthony.Rodrigues@microfinancial.com.
Sales: Rensselaer, NY "NAELB"
20+ funding sources for your deals! $5000 to $350,000. Special program available for Medical! Faxable/emailable 1 page docs! Great fee splits! Email:firstname.lastname@example.org
Sales: Edmonds, WA "UAEL "
Reputable and well established lease broker offering generous commissions, competitive rates, credit consistency, equipment flexibility and professional support staff. Join an accomplished team of professionals. Email:email@example.com
Sales: Phoenix, AZ "UAEL"
position for established Arizona company expanding out of state. Experience a necessity, could be home office, high commissions, benefits.
Sales: Scottsdale, AZ "UAEL" "NAELB"
Well established, well respected lease broker with excellent funding capabilities seeking ONE additional salesperson with small ticket experience. interested in long term commitment. Email:firstname.lastname@example.org
for complete list go here:
##### Denotes Press Release
by Steve Geller
Senior Leasing Advisory Director, Leasing News
The EAEL Fall Expo, referred to by past EAEL President Peter Ferrara as
the "crown jewel of the leasing industry", was held in East Rutherford,
NJ on Monday, September 23, 2002. Attendees totaling over 210
registered for the meeting which attracting brokers and lessors, funding
sources and service providers from all around the country. The mood of
the attendees was one of acknowledgement of the difficult economic times
we are witnessing and the need to get back to basics and wait for the
pendulum to swing back. No one would boldly predict when these
conditions will improve but we have to work smarter and protect the
smaller number of funding sources that are the suppliers of capital to
The meeting opened with a welcome by Arnie Hogler, EAEL President, of
Leasing Technologies International, and promotion of upcoming
association events, the Holiday Party to be held on World Yachts
December 14 and the annual conference in Washington, D.C. April 23-27,
2003. Conference Chairman, Dennis Horner of The Equipment Leasing
Company gave some brief remarks and the day was off and running. A panel
discussion entitled "Where Are We Now?" started the morning with
presentations moderated by Chip Leas, OFC Capital and panelists Bob
Fine, Gramercy Leasing, Deb Monosson, Boston Financial, Brian Bjella,
Manifest and Jim Jenco, Interchange Bank. The theme of the panelists
was the need to work together with suppliers of business and a clear
line of communications. Questions and answers followed.
Three morning sessions followed. Linda Kester, Institute for Personal
Development, gave a presentation that she has perfected entitled "New
Voice Mail Techniques and Other Tips for Prospecting." A Business
Ethics panel of Attorneys Bob Tils of Morritt, Hock, Hamroff, and Rich
Weiner of Aronsohn, Weiner, Carl Anderson of M&T Bank, representing
funders and Barry Reitman of Keystone Equipment Leasing, representing
broker/lessors, was moderated by Attorney Mike Leichtling, of Jenkins
Gilchrist. A lively discussion was held with many parties on the panel
and in the audience questioning the defining of ethics and how in
practical terms to determine the proper way to react to certain
situations. The parties concluded that ethics is the ability for "doing
the right thing' which is ingrained and not something that can be taught
in a graduate school course. The technology session was moderated by
Randy Haug of LeaseTeam with panelists Jim Humphrey, LeaseTeam, Bill
Wade, Classic Financial Systems and Gary Shivers of Marlin Leasing.
Favorable comments were heard form attendees at that session entitled
"How are Progressive Leasing Companies Using Technology Today to Improve
Afternoon sessions, "How to Get Your Leases Funded in a Tightening
Economy" was timely. Moderated by Steve Schachtel of Lakeland Bank, the
panelists were Tony Perettine of All Points, Bob Ingram of Sterling
Bank, Ken Seip of MarCap and Marci Kimball-Slagle of ACC. Bob Baker of
Wildwood Financial gave his old reliable presentation "The Old Ways
Don't Work-Marketing to Vendors in Today's Environment" and Shawn
Halladay of Carpediem International presented an SEC Update review of
reactions and contemplated changes. Two late afternoon presentations
were given. Jeff "I wish I wasn't taking the CLP examination" Taylor's
"How to Lead Sales Professionals and win More Business" was on the money
in these tough economic times. Attorney Frank Peretore of Peretore and
Peretore, refereed the "Family Feud-Attorneys versus Collection
Agencies", a discussion of a hypothetical delinquency case study in
which the attorney panelists Tony Lamm, Groen, Lamm and Rich Feldman of
Evans, Feldman advocated quick use of attorney representation while
funding source panelists, Brian Bjella, Manifest, Gary Souverein of
Pawnee, and Ray lavin, CLP of Standard Professional explained the
utilization of in-house collection staffs, and Arnie Olsen of Nassau
Asset Management promoted the use of outside equipment
evaluators/inspectors. A good-natured battle took place with significant
audience participation between the attorneys and non-attorneys in hot
Throughout the day the funding source and suppliers booths remained open
and were busy. By the nature of the EAEL this day is always one of
camaraderie, networking and meeting new friends. On that score and
judging by the sessions and the comments afterward, this day was a
rousing success, not only for the EAEL, but for the leasing industry as
Steven B. Geller, CLP
Leasing Solutions LLC
20 Dike Drive
Wesley Hills, New York 10952
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GRAND RAPIDS, Mich.---Steelcase Inc. (NYSE:SCS) reports that revenue for its second quarter ended
August 23, 2002, totaled $659.3 million, compared with $792.5 million in the same quarter last fiscal year, representing a sequential quarter increase of 2.5 percent over the $643.1 million reported in the first quarter. Acquisitions completed in the last 12 months contributed $51.8 million in revenue in the quarter. Revenue continues to track substantially below historic quarterly levels due to lower business capital spending levels and reduced industry-wide demand.
Steelcase reported a second quarter net loss of $(7.3) million, or $(0.05) per diluted share,
compared with net income of $6.5 million, or $0.04 per diluted share, in the second quarter of fiscal 2002. Beginning in fiscal 2003, the company adopted SFAS 142, which eliminates goodwill amortization, and as a result of this accounting change, second quarter reported net income benefited by approximately $2.2 million or, $0.01 per share.
Net income excluding non-recurring charges was $0.6 million in the second quarter. This compares with net income of $13.4 million, excluding non-recurring charges in the second quarter last year. These results compared favorably with the company's fiscal 2003 second quarter guidance of breakeven to a loss of $(0.05) per share, before non-recurring items, and reflect the benefits achieved from cost cutting initiatives previously announced.
Non-recurring charges affecting second quarter results totaled $7.9 million after-tax. These charges included business exit costs, severance charges, and were net of a gain on the sale of certain non-strategic assets.
"We exceeded expectations and earned a small profit before non-recurring charges this quarter, despite revenue that is 36 percent lower than two years ago," said James P. Keane, chief financial officer. "Steelcase employees around the world have been focused on reducing our breakeven point and returning to profitability."
"Our second quarter results showed meaningful improvement over those in the first quarter," said James P. Hackett, president and CEO. "Even in these difficult economic times we must improve our profitability while guarding against cutting essential capabilities for growth."
For the balance of the fiscal year, Steelcase expects an environment of increasing competitive pressure combined with continued soft industry-wide demand. "Our outlook is consistent with recent economic reports suggesting that North American business capital spending stalled in August, as corporate bankruptcies, accounting issues and a falling stock market reduced business confidence," said Mr. Keane. "Leading indicators in our business, such as order rates and bid activity point to a likely double dip that will begin with our third quarter shipments and continue into the fourth
The company expects that third quarter revenue will be the lowest since the industry downturn began, and below the company's breakeven point of $650 million. The company expects to incur a loss, before non-recurring charges, in the range of $(0.05) to $(0.10) per share in the third quarter.
"We are planning and implementing additional actions that will further reduce our breakeven point over the next two quarters, and position Steelcase to again be profitable beginning in the first quarter of next fiscal year," continued Keane. In the third quarter, the company expects net non-recurring charges in the range of $4 to $7 million after-tax. These charges assume costs of $5 to $8 million after-tax associated with restructuring activities, including additional salaried work force reductions, partially offset by a net gain of $1 million after-tax on the sale of real estate.
The company expects fourth quarter shipments to remain consistent with third quarter levels, with higher overall fourth quarter revenue due to an additional shipping week. Fourth quarter earnings per share before non-recurring items are expected to be in the range of breakeven to a loss of $(0.05). The company estimates non-recurring charges of $8 to $12 million after-tax, related to salaried work force reductions and other restructuring activities, will be offset by non-recurring gains of $8 to $12 million after-tax related to the sale of real estate.
Mr. Hackett concluded, "We are taking actions we believe are necessary to maintain our commitment to profitability, given that the economic recovery has failed to materialize this year. We believe the combination of our improved cost structure along with strong validation by our customers of the importance of an integrated architecture, furniture and technology solution, provides the foundation for renewed growth and profitability in the future."
Steelcase will begin to expense stock options in the first quarter of fiscal 2004 in accordance
with SFAS 123.
Investor Contact - Perry Grueber, 616/247-2200
Media Contact - Allan Smith, 616/698-1405
SOURCE: Steelcase Inc.
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By DAVID LEONHARDT New York Times
In speeches around the country, Federal Reserve officials have helped turn the phrase mild recession into perhaps the most popular description of the recent downturn. Measured by the output of goods and services, the officials note, the recession that began early last year looks like one of the weakest in decades.
But in many of the ways that people and businesses feel swings in the
economy, the recession has hardly been mild. In some ways, it has been worse than the typical downturn.
The Standard & Poor 500-stock index has fallen more than at any point since the deep recession of the 1970's. Pretax corporate profits have dropped more steeply than at any point since the double-dip recession of the early 1980's. The nation's overall employment level has not grown in two and a half years.
This helps explain the problem that will greet those same Fed officials when they gather in
Washington today and decide whether to cut the benchmark interest rate once again to encourage new spending. Despite reducing short- term rates to their lowest level in four decades, the Fed has been unable to turn around the economy once and for all.
Instead, the economy looks weaker now than it did in the summer and the possibility of war has created new uncertainty, leaving Fed officials to face the kind of decision they thought was behind them. They can cut the rate for the 12th time since the start of last year, sending a disturbing message to the slumping stock market that the central bank is worried that the economy could get even worse. Or they can leave rates unchanged, as analysts expect, and hope that the earlier cuts are still rippling through the economy.
Many stocks fell sharply yesterday, after a widely followed index of leading indicators, intended to predict the economy's health, fell for the third month. The S.& P. declined 1.4 percent, to 833.70, more than 45 percent below its peak in March 2000.
A recent spate of bad news has raised fears that the unwinding of the late 1990's excesses is taking even longer, and proving more painful, than many economists expected. But the quiet severity of the downturn also contains a silver lining: the economy may already have purged many of its excesses.
Employment has declined 1.2 percent, or by more than 1.5 million jobs, since March 2001, which was the start of the recession, according to the National Bureau of Economic Research, the arbiter of business cycles. The decline is slightly worse than the average falloff after the last six recessions, the bureau said.
"In some respects, this recession was not at all mild," said Victor Zarnowitz, a member of the
National Bureau of Economic Research's business-cycle committee and an economist at the Conference Board, a research group in New York. "Employment has been quite severely affected."
Employment also grew less quickly in the year before this recession started than it typically had in the past, as companies began realizing that they had expanded too quickly during the boom. Today, the nation's payrolls are no bigger than they were two and a half years ago, even though the population and the economy are larger. (Most economists say the recession ended around the start of this year, but the National Bureau of Economic Research has not yet made a decision.)
As much pain as the large number of layoffs has brought to workers, the cuts could set the stage for a hiring rebound.
Over the last two years, many businesses have increased revenue and production without hiring workers. The companies have instead become more efficient, thanks to new strategies or new technology. This increase in productivity has allowed the nation's output to grow this year even as employment has dropped.
But as the economy continues to grow - and most economists expect it to, even if many worry that the growth will be tepid - companies may find themselves unable to become much more efficient and may be in need of new workers.
"If history repeats, starting sometime this fall or this winter, productivity is going to return to trend," said Robert J. Gordon, an economist at Northwestern University. Managers "are then going to say, `My God, business is expanding, we've got to fill some of these empty offices.' "
In part, the severity of the recession has been obscured by the relative health of the economy. While the unemployment rate, which is below 6 percent, remains far lower than it did at the end of recessions in the 1980's and '90's, for example, it has still risen significantly from its 30-year low of 3.9 percent in 2000. The increase may also understate the change in the labor market, because many people have dropped out of the labor force in the last two years.
"People's perceptions that this recession is mild probably comes from the levels" of unemployment and other economic measures, said N. Gregory Mankiw, a Harvard economist and another member of the business-cycle committee. "If you look at the changes, it looks like a more normal recession."
There are exceptions. People's income and the value of their houses have continued to rise, and consumers have taken on new debt and increased their spending. But that growth has not been enough to overcome the steep drop in business spending and to get the economy growing fast enough to lift profits, employment and stock prices. Pretax corporate profits have dropped more than 20 percent in the last two years, and many businesses still have more capacity than they can profitably use.
Until that changes, even a rate cut by the Fed could fail to stop the deceptively serious downturn.
By Simon Avery
LOS ANGELES - California housing prices maintained their torrid pace in August, surging nearly 15 percent from a year earlier, in a market that shows no signs of slowing down, a real estate information service said Monday.
The statewide median home price, the point at which half the homes sell for more and half for less, climbed to $270,000, up from $235,000 in August 2001, according to DataQuick Information Systems, a subsidiary of MacDonald Dettwiler and Associates.
Underlying market conditions remained stable even with the rapid pace of appreciation. Buyers continued to choose prudent financing, with most still selecting long-term fixed mortgages rather than riskier adjustable rate mortgages. In addition, the typical monthly mortgage payment remained close to previous months at $1,273, according to DataQuick.
"We're not seeing any change in the market," said John Karevoll, an analyst with the firm. "We're looking very carefully for signs of a bubble and we're just not seeing any indication."
The number of new and existing houses and condominiums sold statewide in August declined to 54,200, down 3.7 percent from an all- time record set a year earlier. But the decrease had more to do with lenders, appraisal companies and escrow firms being unable to process all the transactions than with consumers tempering their enthusiasm, Karevoll said.
"If it wasn't for that, August would have been another all-time peek," he said.
One of the key signs pointing to the ongoing health of California's housing market is the strong mix of properties available, from entry level to high end offerings, Karevoll said.
Homes valued at more than $400,000 represent the one segment where appreciation rates are slowing. While entry level properties are growing in value at about 17 percent annually, the rate for high end homes has cooled to between 10 percent and 12 percent. Three months ago, all segments were growing at nearly the same pace, he said.
It's still too early to know if the shift signifies a broader trend at the upper end. Some real
estate agents in the million-dollar-plus market have seen a sudden surge in sales activity this month.
"People have just decided they are going to buy," said Patty Brotherton, an agent with Prudential California Realty in Santa Barbara. "It's not stocks now, it's real estate."
She attributed increased activity in the last couple of weeks in part to buyers' renewed confidence after the first anniversary of the Sept. 11 terrorists attacks.
On a regional basis, median prices showed double-digit growth across much of the state. In the nine counties comprising the San Francisco Bay area, the median price in August rose 10.9 percent to $417,000, according to DataQuick.
In Los Angeles County, the median price rose 15.6 percent to $267,000. In Orange County it climbed 20.1 percent to $370,000, and in San Diego County, prices surged 23.7 percent to $339,000, DataQuick said.
BY DAVID ASHENFELTER
FREE PRESS STAFF WRITER
He introduced himself as Dr. Mbuso Nelson.
He said he was an official with the Ministry of Mining in Pretoria, South Africa.
And he offered to pay a $4.5-million fee to a 59-year-old Rochester Hills woman if she would help him transfer $18 million from South Africa to a bank account in the United States.
Mike Wendland: Despite warnings, Americans continue to lose millions to Nigerian con artists But what Ann Marie Poet did next gave new meaning to the so-called Nigerian scam letter fraud, the FBI said.
The FBI said Poet, a bookkeeper for a small Berkley law firm, embezzled $2.1 million from the firm's accounts between February and August, after scam organizers persuaded her to wire huge amounts of money to bank accounts in South Africa and Taiwan to expedite the transfer of money to the United States.
"It's unbelievable that she fell for this," said FBI Special Agent James Hoppe, who is
investigating the case. "She was gullible -- gullible and had access to $2.1 million."
Poet was indicted this week by a federal grand jury in Detroit on 13 counts of wire fraud. Each count carries a maximum penalty of five years in prison and a $250,000 fine. If she's convicted, she'll likely face three years in prison, federal officials said.
Poet was advised of the charges during an initial appearance before a federal magistrate in Detroit on Friday. She came to court alone and left without comment.
Hoppe said the perpetrators of the fraud contacted Poet by fax in January and promised her that all she had to do to get her $4.5-million fee was to open a bank account.
After she agreed to help, Hoppe said, the scammers told Poet the money was on its way.
But as inevitably happens, Hoppe said, they later told Poet there were problems -- fees,
commissions and taxes that had to be paid.
In the months that followed, Hoppe said, Poet wired amounts ranging from $9,400 to $360,000 to offshore accounts. She never received her fee.
The alleged scam ended Sept. 4, when the Olsman Mueller & James law firm was told that a $36,000 settlement check to a client had bounced.
Jules Olsman, president of the firm, said he contacted the firm's bank to find out what happened., he said, he called the FBI and eventually found out what Poet had
done. Hoppe said she drained all of the firm's accounts.
"This is just absolutely beyond description," Olsman said Friday, noting that Poet had worked for the firm for nine years and often scrutinized expenditures she deemed questionable by other employees. He said Poet, who quit coming to work after Sept. 4, is married and is very active in her church.
But as angry as he is with Poet, Olsman said, he's even more annoyed with Bank One. He said a manager at a Southfield branch, whom Poet befriended, approved all of the wire transfers even though Poet was not authorized at the bank to make such transfers.
Bank officials declined to discuss the specifics Friday.
"We don't comment on customer relationships," said Bank One spokeswoman Mary Kay Bean. "All businesses need to have the right accounting and financial controls, and we urge our customers to be diligent about checking their balances."
Olsman's lawyer, Mayer Morganroth of Southfield, said the forms the bank used to make the transfers clearly indicated that the manager should have called the law firm to verify the transfers.
Olsman said his insurance won't cover the loss, but that he plans to make good on the losses: "Not one client of our law firm will be out one penny."
He also said he plans to sue the bank.
Hoppe said there's no evidence the bank manager was in on the scam. He also said there's little hope of recovering the money or arresting the culprits.
The Nigerian scam letter scheme has been around since the mid-1980s and originated there.
People usually are approached through letters, faxes and, more recently, e-mail. Every month, hundreds of Americans fall victim to versions of the scam, federal authorities say.
In some cases, victims lured abroad to complete the transaction are kidnapped for ransom. The U.S. State Department has attributed 15 kidnappings or killings to the fraud.
Hoppe said people need to use common sense when they receive such offers.
"Nobody is going to call someone they don't know and offer to pay millions of dollars to help transfer money to the United States unless they're up to no good," Hoppe said.
Assistant U.S. Attorney Jennifer Gorland said the law firm is the victim -- not Poet.
"You can't use somebody else's money to follow one of these get-rich schemes," she said.
"If you use your own money, the worst thing you will be is a fool."
From: "Galich, Patricia" email@example.com
( some new e-mail received, sent by readers, at the end of this
report. For previous stories, go to::
I entered the leasing industry in March 1994 with Balboa Capital
Corporation, having graduated from Cal State, Fullerton with a BA in
Communications. After establishing myself as an Account Executive and
taking Salesperson of the Year twice, I was granted the opportunity to
transition into management.
My first assignment in this new role was to take the helm at our Phoenix
office, at that time our lowest producing branch. By the end of the first
year, Arizona was at 100% of quota. After the second it was Balboa's
highest producing sales office, resulting in two consecutive Manager of the
My career continued on this path with opportunities to head in turn the San
Francisco and New York offices, each of which experienced a spike in
production. The culmination of my management career has been my current
tenure as Balboa's Vice President, Sales, a position I have held for the
past two years.
Throughout my various transitions in the organization, the importance of a
strong corporate culture has become very clear to me. Balboa Capital
prioritizes thorough training on all of the products and services we offer,
timely and open communication, and a strong commitment to achieving the
goals we set forth personally and as an organization. In every respect, it
is our vision to deliver "world class" service to our customers and industry
Bradley A. Kissler
October 5, 2002 San Diego United Association of Equipment Leasing
Annual Conference and Exhibition "Top Gun"
Leasing News will present two workshops
11:00am "Tom Gun " Sales Managers
Richard Baccaro http://www.leasingnews.org/articles.doc/Baccaro_bio.htm
Brad Kissler ( see above )
Mark McQuitty http://www.leasingnews.org/articles.doc/Mcquitty_bio.htm
9:45am "Top Gun Salespeople"
Jim Raeder http://www.leasingnews.org/articles.doc/Raeder_bio.htm
Ignacio Sanchez http://www.leasingnews.org/articles.doc/Sanchez_bio.htm
Richard Shapiro http://www.leasingnews.org/articles.doc/Shapiro_bio.htm
Tony Sherwin http://www.leasingnews.org/articles.doc/Sherwin_bio.htm
Eric Sidebotham http://www.leasingnews.org/archives/Sept2002/9-19-
San Diego, California
October 3 - 6, 2002
Better Register...Or you'll be missing out on a "Top Gun" Event!
Book Your Room Now! Block Limited…
Sheraton Hotel & Marina - San Diego
1380 Harbor Island Drive
San Diego, CA 92101
Hotel Registration Call 1-877-734-2726 (Be Sure To Mention UAEL Rate)
Sign up for appointments with Exhibitors now - Under Fall Conference on
Check out list of ACE Exhibitors and Sponsors to date.
It's not too late to register for the Golf Tournament Thursday, October 3 -
Register Online or Call us!
Spouse / Guest Activity:
Sign up for the Behind the Scenes Tour of the San Diego Zoo!
Addition Zoo Date Just Added! Thursday, Oct.3 OR Friday, Oct. 4. Tour is
from 9:30AM - 1:30PM. Let us know when you want to go...Email Azin
The venue for the Saturday Night Party has been moved to the Hotel. Attire
is still casual but the theme will be "Top Gun" instead of "Beach".
VISIT THE UAEL WEBSITE FOR MORE INFORMATION!
See you there!
It's been a tough year so far. For many, attractive business deals are harder to come by, despite your sales team's talent and efforts. You want and need more business.
Where do you go to make contact with new and old business relationships? Many of your colleagues know the answer. They've registered for the 41st ELA Annual
Convention, scheduled October 13-15, 2003 in San Francisco. It's the single best
place to find out "who's doing what" in the equipment leasing and finance business.
While networking is of critical importance in developing new business arrangements, keeping informed on the latest industry issues is of equal significance. Among the many sessions planned for the ELA Convention, several will be of particular interest to sales and marketing professionals. Here's a sample:
What Brand ID Means to a Financial Company The luncheon on Monday, October 14th showcases Duane Knapp, President, BrandStrategy, Inc., who has made a career helping major corporations deliver on their "brand promise." Does your business model adequately reflect the kind of company you want to be, the direction you want to be going and the markets you want to capture? Mr. Knapp provides insights on how to leverage your brand to get more business.
Manifest Destiny in the Leasing Industry: Is Growth Always the Path to
This session will help business leaders re-evaluate the notion that "bigger is better" and to
manage their company's growth accordingly. Panelists will focus on positive steps to successful growth, and will provide constructive guidance on how to survive and even prosper in this economy within the constraints of reasonable expectations. Presenters:
Kenneth C. Greene. Kenneth C. Greene & Associates; John C. Deane, The Alta
Group; Paul J. Menzel, Santa Barbara Bank & Trust; and James K. Merrilees, First
Business Planning Strategies that Deliver Real Value
Can this leasing company be saved? An "Emergency Strategic Planning Meeting" of the Senior Management Team of the Acme Leasing and Drayage Corporation will now be held! Using realistic leasing company data plus real input from convention attendees, speakers will apply their own expertise to explore this fictitious leasing company's options as it faces issues that are affecting companies throughout the industry. Be there as "management" explores Acme's
opportunities, priorities, factors to consider when developing strategy, and ways to evaluate, track and measure success. This is no ordinary breakout session! It is designed to get you thinking in new ways about some of the critical issues facing the industry. Presenters: Jon S. Haas, The Triad Group; Andrew Lea. McCue Systems, Inc.; and John O. Steindorf, Allegiant Partners/Interfund.
For more information on the Annual Convention, and to register on-line, go to:
Attendees who register by October 3 will be included in the final convention roster, the unofficial "Who's Who" of the leasing industry. We urge you to register today. See you in San Francisco!
20th Annual Meeting
November 7, 2002
5:00PM Meeting (*Meeting is for Members Only)
Reservations will be taken on a first-come, first-served basis. Please respond on or before October
Not sure whether you saw this yet. Can you please post periodically on Leasing News? Hopefully you and your readers will find a reason tobe in Chicago then and join in on the networking festivities!!! Will be sending out a follow up offering half page/half price sponsorshipsincluding four participants next week, so you have it in advance.
It is a teaspoon, not a scoop. Have a nice weekend!!!
Clyde D. Cady
333 West Wacker Drive
Chicago, IL 60606
Members ELA & MAEL
The NAELB will hold a Regional Conference on November 9th, 2002, at the
Marina del Rey Hotel in Marina del Rey, California,
The one day meeting will kick-off with a humorous skit lampooning brokers, lessors, lenders, and lessees, and some of the idiosyncrasies and pitfalls of our business. The working content will include two morning sales workshops, meetings with funder
members, and a special afternoon panel of lenders discussing the near term
funding picture and including break out discussion groups and summaries.
The day will close with a networking reception. Chairperson for the
conference is NAELB Member, Rick Wilbur, of Media Capital Associates, LLC.
The whole day promises to be both informative and fun.
Cost for broker attendees from any association is only $95.00 and includes lunch. For more information, call the NAELB office toll-free at: (800) 996-2352 or e-mail:firstname.lastname@example.org.
On Friday night, the 8th, the night before the meeting, the whole NAELB
Board will host a Meet & Mingle Reception. All industry professionals are
invited to meet our Board, learn about our association, talk shop, gossip or
just kick back and have fun. Reservations will be necessary, though.
Again, just call our office at the number above or e-mail us.
We look forward to seeing all our members and other industry friends on
Friday night and Saturday, November the 8th and 9th, in Marina del Rey,
5621 Departure Drive, Suite 113
Raleigh, NC 27616
I heard that GE Capital's Penske Truck Leasing Division has all their
collection calls done out of one large office India. If you know someone at
Penske you may want to check with them. I found it interesting and thought
you'd like to know.
"Name With Held"
G.E. does have a very large collection department in India (several companies are using cheaper Indian labor for outsourcing), but I understand they speak very fluent English.
"Name With Held"
I was solicited for a listing in some yellow pages and the accent of the
caller and the verifier were both Indian but both used western names. I
finally found out after much inquiry from them that they did U.S.
outsourcing in India for the yellow pages company in the U.S. and used
western names because they thought it would fool the people they called.
Didn't fool me, I can tell an Indian accent anyplace, especially after
watching The Simpsons!
Steven B. Geller, CLP
Leasing Solutions LLC
20 Dike Drive
Wesley Hills, New York 10952
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WALTHAM, Mass., -- The Board of Directors of MicroFinancial Inc. (NYSE: MFI) voted to pay a dividend of $0.05 per common share, payable on or before November 15, 2002 to holders of record of MicroFinancial common stock as of October 3, 2002. This dividend is the same as the previous quarter.
Richard Latour, President and COO, stated, "We are proud of our long-term track record of positive cash flows and dividend payouts. MicroFinancial has paid a dividend for thirty consecutive quarters since the Company initiated a dividend in 1995."
MicroFinancial Inc. (NYSE: MFI), headquartered in Waltham, MA, with an additional location in
Woburn, MA, is a financial intermediary specializing in leasing and financing for products in the $500 to $10,000 range. The company has been in operation since 1986 and has been profitable each year since 1987.
Statements in this release that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In addition, words such as "believes," "anticipates," "expects," "views," and similar expressions are intended to identify forward-looking statements. The Company cautions that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statements made by or on behalf of the Company. Readers should not place undue reliance on forward-looking statements, which reflect the management's view only as of the date hereof. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure that it will be able to anticipate or
respond timely to changes, which could adversely affect its operating results in one or more fiscal quarters. Results of operations in any past period should not be considered indicative of results to be expected in future periods. Fluctuations in operating results may result in fluctuations in the price of the Company's common stock. For a more complete description of the prominent risks and uncertainties inherent in the Company's business, see the risks factors described in documents the Company files from time to time with the Securities and Exchange Commission.
CONTACT: MicroFinancial Inc.
Richard F. Latour, Tel: 781-890-0177
InfoLease to Centralize Operations
Leading Lease Accounting Software Supports Success of New Structured & Public Finance Businesses
& Ongoing Equipment Finance
MINNEAPOLIS,-International Decision Systems, Inc. (IDS) - the global leader in lease accounting and portfolio management software systems - announced today that ORIX Financial Services (OFS) has implemented InfoLease to leverage the benefits of centralization, access standardized sets of reports and effectively share information across the organization. According to Mike Bohn, Director of Sales, "By replacing its 18-year-old AS400 legacy receivables management system with InfoLease, ORIX has transformed the way it does business to accommodate its future direction,
growth and support needs. With nearly three decades of leasing industry expertise and the world's largest global consulting, implementation, and technical support organizations, we can meet OFS' high standards for quality products and service."
OFS CIO Jim Townsend explained why his company chose InfoLease. "At the same time that we were revamping our business processes, we alsowere merging our six regional offices into our new Atlanta headquarters. Considering the convergence of these monumental changes, we electedo go with a tried and true solution from a company that has the resources to intimately support our implementation."
Providing a centralized database structure that improves the data synchronization and limited reporting for OFS, InfoLease enables the company's recently formed Structured Finance and Public Finance businesses to share the same system as its traditional Equipment Finance business. This translates into leveraging the benefits of centralization-accessing standardized sets of reports and effectively sharing information across the organization.
Townsend summarized his management team's assessment of OFS' partnership with IDS, "We're building our business on IDS' platform, which requires a huge
amount of trust. We're finance people, and we know the finance business. IDS is the receivables management software expert, with the project managementcapacity we need to shepherd us through our transition and continued business expansion. We're moving quickly, and InfoLease has the ability to keep pace with our evolving needs."
In the short-term, OFS will continue to develop its InfoLease infrastructure with additional modules and, in the long-term, the company will leverage the system by fully integrating documentation and imaging management functionality.
About ORIX Financial Services (OFS) OFS is an indirect wholly owned operating subsidiary of ORIX USA. ORIX USA is a subsidiary of ORIX Corporation Japan, a publicly traded company listed on the Tokyo Stock Exchange (TSE:8591) and New York Stock Exchange (NYSE:IX) with assets in excess of $45 billion.
About International Decision Systems
With nearly three decades of leasing industry-specific expertise, International Decision Systems (IDS) is the global market leader in developing lease accounting and portfolio management software and services. Hundreds of independent, bank-related, captive leasing and financial services companies worldwide use IDS products and services, which include anchor products InfoLease, LeaseEnterprise and FleetWare.
InfoLease is the world's most stable, scalable and robust end-to-end equipment lease accounting software for larger lessors, LeaseEnterprise is an affordable leasing system for small- to mid-sized equipment lessors. FleetWare is a comprehensive full-service vehicle-leasing andcontract-management system. Companies use IDS' software to streamline, manage and automate the entire leasing life cycle, as well as to leverage the Internet's speed and flexibility for improved customer service, achieving greater internal efficiencies and closing deals faster.
In addition to its product lines, IDS also has the leasing industry's largest global consulting, implementation and technical support organizationsthat provide incomparable service from offices located in the United Kingdom, North America (Boston and Minneapolis), Australia (Sydney) and Southeast Asia (Singapore).
IDS' parent company, IDS Group plc, is publicly traded on the London Stock Exchange (IDGL). For additional information about International
Decision Systems and IDS Group plc, visit www.idsgrp.com.
#### ############################# ###############
From: Rob Yohe, Stillwater, Kansas
-- NO 50 B SECOND AVE
ENUGU STATE NIGERIA,
I am, the Bank Manager of African continental Bank in
Nigeria (ACB). There is an account opened in this bank
in 1980 and since 1990 no body has operated on this
account again. After going through some old file in
the records I discovered that if I do not remit this
money out urgently it will be fortified for nothing.
The owner of this account is Mr., Smith B. Andreas, a
foreigner and a miner at kruger Gold Co, a geologist
by profession and he died since 1990. No other person
knows about this account or anything concerning it.
The account has no other beneficiary and my
investigation proved to me as well that this company
does not know anything about this account and the
amount involved is (USD 36m) Thirty Six Million United
I am only contacting you as a foreigner because this
money can only be claimed by a foreigner, I know that
this message will come to you as a surprise as we
don't know ourselves before, we will sign agreement,
but be sure that everything concerning this deal is
real and nothing to fear about. With believe in God
that you will never let me down in this business
because you are the only person I have contacted in
this business. I need your full cooperation to make
this work fine. Because the management is ready to
approve this payment to any foreigner who has correct
information of this account which I will give to you
later, if you are able and with the capability to
handle such amount in strict confidence and trust
according to my instructions and advice because this
opportunity will never come again in my life.
With my position in the office. I will use my position
to influence and affect legal approvals and onward
transfer of this money to your account with
appropriate clearance from the ministries and foreign
exchange department. At the conclusion of this
business, you will be given 30% of the total amount,
65% will be for me while 5% will be for the expenses
both parties might have incurred during the process of
transfer. I look forward to your earliest reply
through my e-mail address.
I, on behalf of my colleagues from different Federal Government of Nigeria owned parastatals decided to solicit your assistance as regards transfer of US$10,500,000.00 (Ten Million,five Hundred Thousand US Dollars) into your bank account.
These funds emanated from unclaimed contractual proceeds of foreign contracting firms who could not meet their financial obligations to their creditors.
We, as holders of sensitive positions in our various parastatals, were mandated by the Federal Government to scrutinise all payments made to certain foreign contractors and we discovered that some of the contractors have not been paid their contractual entitlement which collectively left the sum of US$15,500,000.00 (Fiftheen Million, five Hundred Thousand US Dollars) lying in a suspended Account. However, from our investigations, we discovered that the foreign beneficiary companies have since been liquidated, and to all intents and purposes no longer exist in Nigeria, thus providing us with this opportunity, provided that we have a capable partner, to execute a
transaction of this nature.
We agreed that the said amount would be transferred into an overseas Bank Account to be provided by a reliable foreign firm/associate. This is because as serving Government workers the Civil Service Code does not allow us to operate foreign Account. In our initial attempt to do this, we succeeded in transferring part of this amount US$5m (Five Million Dollars) into a United States Dollar Account in Beirut, Lebanon, but our foreign associate failed to honour our mutual agreement insisting instead that the total amount be transferred into the Account before we can share the money. As a result, we have lost confidence in the ability of our Lebanese partner to see this matter to its logical conclusion, and until the initial transaction is satisfactorily resolved, we have cancelled further transactions with him.
In the light of the foregoing, it is clear that we require a partner that is not only capable of rendering assistance and cooperation in executing this matter, but will honour the terms of agreement when we reach the concluding stages of this transaction. We therefore offer the amount of 20% of the entire sum in return for services/assistance rendered in successfullycarrying out this project. We trust that you appreciate the sensitive nature of this matter and the need for initial caution on our part, but when a relationship is confidently established and operations commence you will be provided with all relevant information.
I remain at your disposal to entertain any questions/enquiries relating to this proposition and you may contact me as a matter of urgency via e-mail for further information on the procedures and requirements of this transaction.
In your reply, remember to indicate a safe telephone number where I can always reach you.
Hope to hear from you soon.
Please treat with the strictest confidentiality and expediency.
Credit and Foreign Bills,
Ecobank PLC. Johannesburg.
My name is Mr. Jack Praise, the Manager, Credit and
Foreign Bills of Ecobank PLC, Johannesburg, South
Africa. I am writing in respect of a foreign customer
of my bank with account number 14-255-2004/utb/t who
perished in a plane crash (Korean Air Flight 801) with
the whole passengers aboard on August 6, 1997.
Since the demise of this our customer, I personally
has watched with keen interest to see the next of kin
but all has proved abortive as no one has come to
claim his funds of US$30.5m (Thirty million, five
hundred thousand united states dollars) which has been
with my branch for a very long time.
On this note, I decided to seek for whom his name
shall be used as the next of kin as no one has come up
to be the next of kin and the banking ethics here does
not allow such money to stay more than five years,
because the money will be recalled to the bank
treasury as unclaimed after this period. In view of
this, I got your contact through my search for an
honest, faithful and trustworthy fellow that can
assist to make a claim of this deposit with the help
of my personality. I will give you 40% of the
Upon the receipt of your response, I will send to you
by fax the "Transfer Application Form" and the next
step to take. I will not fail to bring to your notice
that this business is 100% hitch free and that you
should not entertain any fear as all modalities for
fund transfer can be finalized within five banking
days after you apply to the bank as a relation to
Kindly telephone me or send me a fax and e-mail:
Tel: + 011 871 7624 86020
Fax: + 011 872 7624 86021
Please when replying this mail kindly include your
Telephone and Fax number for better communication.
Mr. Jack Praise
I KNOW MY MAIL WILL BE A SURPRISE TO YOU BUT YOU
SHOULD UNDERSTAND THAT I WAS TOTALLY CONVINCED TO
WRITE TO YOU IN REFERENCE OF THE TRANSFERING OF
$15.000.000.00 FIFTEEN MILLION US DOLLARS INTO YOUR
ACCOUNT FOR ONWARD INVESTMENT IN YOUR COUNTRY.
AND I MUST CONFESS THAT MY AGITATIONS ARE REAL AND MY
WORD IS MY BOND IN THIS PROPOSAL.
I AM ZUMA MIKE, THE ONLY CHILD OF LATE MR AND
MRS.PAUL ZUMA.MY FATHER WAS A VERY WEALTHY COCOA
MERCHANT BASED IN ABIDJAN, THE ECONOMIC CAPITAL OF
IVORY COAST BEFORE HE WAS POISONED TO DEATH BY HIS
BUSINESS ASSOCIATES ON ONE OF THEIR OUTING TO DISCUSS
ON A BUSINESS.
WHEN MY MOTHER DIED ON THE 21ST OCTOBER 1984, MY FATHER
TOOK ME SO SPECIAL BECAUSE I AM MOTHERLESS.
BEFORE THE DEATH OF MY FATHER ON 7TH NOVEMBER 2001 IN A
PRIVATE HOSPITAL HERE IN ABIDJAN. HE SECRETLY CALLED ME ON
HIS BEDSIDE AND TOLD ME THAT HE HAS A SUM OF US$
(FIFTEEN MILLION , UNITED STATES DOLLARS) LEFT IN A
SUSPENCE ACCOUNT IN A LOCAL BANK HERE IN ABIDJAN, THAT HE
USED MY NAME AS HIS ONLY SON FOR THE NEXT OF KIN IN DEPOSIT
OF THE FUND. HE ALSO EXPLAINED TO ME THAT IT WAS BECAUSE OF
THIS WEALTH THAT HE WAS POISONED BY HIS BUSINESS
ASSOCIATES. THAT I SHOULD SEEK FOR A FOREIGN PARTNER IN A
COUNTRY OF MY CHOICE WHERE I WILL TRANSFER THIS MONEY AND
USE IT FOR INVESTMENT PURPOSE, (SUCH AS REAL ESTATE
SIR, I AM HONOURABLY SEEKING YOUR ASSISTANCE IN THE
1)TO PROVIDE A BANK ACCOUNT WHERE THIS MONEY WOULD BE
TRANSFERRED TO 2)TO SERVE AS THE GUARDIAN OF THIS FUND SINCE I AM A BOY OF 24 YEARS 3)TO MAKE ARRANGEMENT FOR ME TO COME OVER TO YOUR COUNTRY AFTER THE MONEY HAS BEEN TRANSFERRED.
MOREOVER, SIR, I AM WILLING TO OFFER YOU 15% OF THE
TOTAL SUM AS COMPENSATION FOR YOUR EFFORT/INPUT AFTER
THE SUCCESSFUL TRANSFER OF THIS FUND TO YOUR
NORMINATED ACCOUNT OVERSEAS.
FURTHERMORE, YOU CAN INDICATE YOUR OPTION TOWARDS ASSISTING
ME AS I BELIEVE THAT THIS TRANSACTION WOULD BE CONCLUDED
WITHIN SEVEN (7) DAYS YOU SIGNIFY INTEREST TO ASSIST ME.
PLEASE CALL ME ON THIS TELEPONE NUMBER FOR MORE
INFORMATIONS 225-07-819274 .
ANTICAIPTING TO HEAR FROM YOU SOOn .
THANKS AND GOD BLESS.
PLEASE EXERCISE SOME PATIENCE AND READ THROUGH THIS DETAILED MESSAGE
I am Mr ABIODUN JOHNSON an account officer one of the Nation
Bank Lagos. for this reason , which will come to light as you
read on , I obtained your address particulars from an internet
address listing .I have a very urgent and confidential business
proposition for you . on December 6th 1997 an oil consultant
with the Nigerian National Corporation , Mr. . Ahmed Y.
Mustapha an Iraqi National, made
a numbered time / fixed for 48 Calendar months, valued US$10
million in my branch . On maturity, we sent a routine notification
to his forwarding address but got no reply After a month we
sent a reminder and finally, his contract employers,the NNPC,
wrote to inform us that Mr. A.Y Mustapha died in an automobile
accident while travelling to the eastern part of the country. That he died without making
a WILL while all attempts to trace his KIN in Iraqi and inform
them about Mr. . Mustapha ,sdeposit of US10million were fruitless.
Further investigation revealed that Mr.Youseff was actively
opposed to the Government of president Saddam Hussein of Iraq
as a result of which he was driven into exile. Being an oil expert, he subsequently
obtained a job with NNPC, and settled in Nigeria.
Thereafter, he walked into my office to make the aforementioned
deposit of US$10million. He did not declare his KIN in his application
paperwork. When I asked, he informed me that he wished it so.
In the conservative manner of our Bank (my employer), I did not
turn down his wish but rather honored it especially given his
high net worth. In reality no one knows the source of his money
since apparently, the time frame of his employment with the
NNPC does indeed preclude such a large amount of money. It is
therefore presumed that he brought his money from Iraqi, although
this is open to speculation.
The point however is that his employers are not awareof his
money, therefore one can safely infer that no one will overcome
forward to claim this money. This fund, totaling US$10M is still
siting in my bank dormant account portfolio.
According to Nigerian law, the money will automatically revert
to the federal Government Treasury after five years,especially
if the account owner is a foreigner who has been certified dead
and there is no valid claim.
I am thus looking for a foreigner who will stand in as the next
of kin to Mr. Mustapha. It is not necessary to be a blood
relation,neither is it necessary to bear the same saw name with Mr.Mustapha.It
is even not important for the stand in next of kin to be an
Iraqi national. Already I have worked out modalities for achieving
my aim of appointing a next of kin as well as transfer the
money abroad for us to share .
Apparently no risk involved ! I will process the initial paperwork
to obtain approval from the concern parastatal/ department.
If you therefore agree to be the INHERITOR / NEXT OF KIN you
should provide immediately with the following
1. A bank Account ( an account with zero credit balance is okay .
2. The complete name and address of the bank ,
holder/Beneficiary,your phone and fax number
Once I have the required information as above, I will initiate
the processing of the transfer, and in about 10 working days,
the fund will be in your nominated bank account for us to share
in the ratio of : 70% for me and 30% for you . This transaction
is guaranteed to succeed without any problems. And I shall forward to you more
clarification you need and you are free to ask
Looking forward to your urgent reply
From Kamala Kadasa
Tel:00 221 649 67 68
Permit me to acquaint you with this proposal for the
purpose of investment in your country. I know this
letter may come to you as a surprise since we have not
met before. Your contact was given to me by a staff of
the Sierra Leone Chambers of Commerce and Industry,
Freetown, who informed me that your name and email
address was sourced through an Internet search done by
the Chambers.My name is Kamala Kadasa, son of
late Mr.Kadasa Williams.My father until his death was the Director
of Gold / Diamond Mining field of Kono District in
Sierra Leone. Before his death in a private hospital in Freetown, he
disclosed to me the reason he was poisoned by his
business associates. He revealed to me of a
consignment containing US$15.500,000 (fifteen million
five hundred thousand United States Dollars) he
deposited in a private security company in Dakar,
Senegal for safety purpose since there was war
in our country. He explained further that he declared
the consignment as a family treasure and artifect to
the Security Company to avoid them raising eyebrows,
hence, they do not know the content of the
consignment. He also directed me where he kept the
deposit certificate and agreement reached with the
security company. He advised that I should leave for
Dakar in the event of his death immediately to
facilitate the claiming and transfer of this money to
any country of my choice for proper investment and
also to avoid being kill by the people that killed
Presently, I am in Dakar Senegal with my mother
after the burial and three months mourning as
our village local tradition demands.I am now looking
for a honest and trustworthy person who will assist me
in this business as my late father instructed.
Besides, I strongly want to continue my education in
your country and you would definitely stand as my
guardian and overseer of any investment made with
this money. You will also plan to accomodate me and my
mother in your country, since my father's death, my
mother had been sick due to circumstances sorrounding
my father's death. It is in proper to live her behind
since no body will be taking care of her.
As soon as the consignment is out from the security
company and the transfer made, you will be compensated
with 25% of the total sum, while the remaining will be
for investment. If you are willing to assist me in
this transaction, kindly contact me on my telephone
number as stated above, state your phone and fax
numbers in your next mail , I will then furnish you
with the details, including faxing of the certificate
of deposit and deposit agreement to you for your
perusal and confirmation.
Thanks and God bless you
CONFIDENTIAL BUSINESS PROPOSAL
You may be surprised to receive this letter from me since you do not know me personally. The purpose of my introduction is that I am Johnson Mowete the first son of Frank Mowete ,a farmer in Zimbabwe who was recently murdered in the land dispute in my country. I got your contact through network online hence decided to write you.
Before the death of my father, he had taken me to Johannesburg to deposit the sum of US8.5 million (Eight million, Five Hundred thousand United States dollars), in one of the private security company, as he foresaw the looming danger in Zimbabwe this money was deposited in a box as gem stones to avoid much demurrage from security company. This amount was meant for the purchase of new machines and chemicals for the Farms and establishment of new farms in Swaziland.
This land problem came when Zimbabwean President Mr.Robert Mugabe introduced a new Land Act Reform wholly affecting the rich white farmers and some few black farmers, and this resulted to the killing and mob action by Zimbabwean war veterans and some lunatics in thesociety. In fact a lot of people were killed because of this Land reform Act for which my father was one of the victims.
It is against this background that, I and my family fled Zimbabwe for fear of our lives and are currently staying in the Netherlands where we are seeking political asylum and moreso have decided to transfer my father's money to a more reliable foreign account. since the law of Netherlands prohibits a refugee (asylum seeker) to open any bank account or to be involved in any financial transaction throughout the territorial zone of Netherlands, As the eldest sonof my father, I am saddled with the responsibility of seeking a genuine foreign account where this money could be transferred without the knowledge of my government who are bent on taking everything we have got. The South African government seems to be playing along with them.
I am faced with the dilemma of moving this amount of money out of South Africa for fear of going through the same experience in future, both countries have similar political history. As a businessman,I am seeking for a partner who I have to entrust my future and that of my family in his hands, I must let you know that this transaction is risk free. If you accept to assist me and my family, all I want you to do for me, is to make an arrangements with the security company to clear the consignment(funds) from their afiliate office here in the Netherlands as i have already
given directives for the consignment to be brought to the Netherlands from South Africa.But before then all modalities will have to be put in place like change of ownership to the consignment and more importantly this money I intend to use for investment.I have two options for you. Firstly you can choose to have certain percentage of the money for nominating your account for this transaction. Or you can go into partnership with me for the proper profitable investment of the money in your country. Whichever the option you want, feel free to notify me. I have also mapped out 5% of this money for all kinds of expenses incurred in the process of this transaction.If you do not prefer a partnership I am willing to give you 10% of the money while the remaining 85% will be for my investment in your country. Contact me with the above telephone number and through my private E-mail address(email@example.com), while I implore you
to maintain the absolute secrecy required in this transaction.
Thanks, GOD BLESS YOU
Jack Praise The Manager, Credit and Foreign Bills, Ecobank PLC. Johannesburg. South Africa.
CONFIDENTIAL My name is Mr. Jack Praise, the Manager, Credit and Foreign Bills of Ecobank PLC,
South Africa. I am writing in respect of a foreign customer of my bank with account number 14-255-2004/utb/t who perished in a plane crash (Korean Air Flight 801) with the whole passengers aboard on August 6, 1997. Since the demise of this our customer, I personally has watched with keen interest to see the next of kin but all has proved abortive as no one has come toclaim his funds of US$30.5m (Thirty million, five hundred thousand united states dollars) which has been with my branch for a very long time. On this note, I decided to seek for whom his name shall be used as the next of kin as no one has come up to be the next of kin and the banking ethics here does not allow such money to stay more than five years, because the money will be recalled to the bank treasury as unclaimed after this period. In view of this, I got your contact through my search for an honest, faithful and trustworthy fellow that can assist to make a claim of this deposit with the help of my personality. I will giveyou 40% of the totalsum. Upon the receipt of your response, I will send to you by fax the "Transfer Application Form" and the next step to take. I will not fail to bring to your notice that this business is 100% hitch free and that you should not entertain any fear as all modalities for fund transfer can be finalized within five banking days after you apply to the bank as a relation to thedeceased. Kindly telephone me or send me a fax and e-mail: Tel: + 011 871 7624 86020 Fax: + 011 872 7624 86021 firstname.lastname@example.org Please when replying this mail kindly include your Telephone and Fax number for better communication. Yours sincerely, Mr. Jack
This letter may come to you as a surprise due to the fact that we have not yet met,but it
should'nt,since we are determined to get what rightly belongs to us anyhow,but soon when every thing goes according to plan.The message could be strange but reality will definitely dawn on you, if you pay some attention to it's content. I would'nt have notified you but for the sake of your integrity and goodwill.Please accept my sincere apologies.In bringing this message to you, I have to say that I have no intentions of causing you any personal pains or discomfort. I am Mr.Samuel Savimbi, son of the late rebel leader Jonas Savimbi of Angola who was killed on the 22nd of february 2002.We are desperately looking for a trustworthy person to assist us in this confidential business.My late father,Jonas Savimbi deposited huge sums of money realised from the sale of diamonds and other precious stones /metals in different banks in Europe. My father is presently no more, and the movement of his family members (including me) is highly restricted. We
are forbidden to either travel abroad or out of our immediate localities. Presently, the money realised from those sails amounting to US$25,500,000.00 (TWENTY-FIVE MILLION,FIVE HUNDRED THOUSAND DOLLARS), which my father realised was transfered to Netherlands is safe in a security firm over there.Before you can get access to it you have to be given the password and the Personal indentification numbers (PIN No:) of the consignment deposited.I am therefore soliciting your help to have this money collected by you and transfered into your account,as we would give you the neccesary documentations to facilitate your collection of the consignment personally in Amsterdam, before the government gets wind of this arrangement.You know my father was a rebel leader in his life time before his death.
My reason for doing this is because it will be difficult for the Angolan Government to trace my father's money to an individual's account,especially when such an individual bears no blood relationship with us ,I have decided to keep that money for my family's use.Presently the money is still in that Security Company in the Netherlands.
I am currently and temporarily living in Luanda with my family seeking for my refugee
status,moreover the political climate in Angola at the moment is very tense,sensitive and
unstable.With this password and informations that we will give you,together with the Power of ecurity firm,and these will facilitate your collection of the consignment. You have to proceed personally to Netherlands where after fulfiling their requirements US$25,500,000.00 will be released to you in the two large trunk boxes that it was
deposited in,after which we may likely ask you to come over with some money for us to run away from here at least for now into one of these European countries. You can have the fund transferred into any account that suits you after your personal collection of the consignment,until further instructions are given.
***PLEASE YOUR CONFIDENTIALITY IN THIS TRANSACTION IS HIGHLY REQUIRED.
Thank you very much for your time and understanding.
Subject: TREAT AS URGENT.
Mrs. Maryam Abacha
C/o Barrister Femi Peter,
Floor 14/Suite 10
Date: 28th.August. ,2002
I salute you in the name of Allah,the most high God.I am Mrs. Maryam Abacha, the widow of the late General Sani Abacha, former Nigerian Military head of state who died mysteriously as a result of Cardiac arrest.Since my husband died, my family has been under restriction of movement and that not withstanding, we have been molested and constantly under watch by the seemingly Agent, above all our bank accounts here and abroad have been frozen by the Nigerian civilian Government. Furthermore, my eldest son is in detention by the Nigerian Government for more interrogation about
my husband assets and some vital documents.
Following the recent discovery of my husband's bank account by the Nigerian Government with my son's bank in which a huge some of US$700 million and Dutch Mark 450 million was lodged and f1.6 billion belonging to my late husband was seized by the Government of Nigeria.I therefore wish to personally appeal to you seriously and religious for your urgent assistance to transfer the sum of US$62.8 million into your account in your country where I believe it will be safe, since we can not
leave the country, due to the restriction of the movement imposed on the members of my family by the Nigerian Government.You can contact me through my
Lawyer's Email:email@example.com,to arrange with you for a face-to face meeting outside Nigeria inorder to lease with him toward effective completion of this transaction. However, arrangement have been put in place to move this money out of the country, in the secret vault through a security Company to any of West African States, Europe,America as soon as you indicate your interest, my Lawyer shall send to you the Security Deposit Certificate and Airway Bill of the luggage and other related documents so that you an claim the luggage, which shall be tagged FAMILY TREASUERS.
Conclusively, we have agreed to offer you 30% of the total sum while 70% is to be held on trust by you until we can decide on a suitable business investment in your country subsequent to our free movement by the Nigerian Government.Please, reply urgently and treat with absolute confidentiality and sincerity.
N.B.Your reponse will determine the transaction and please all information guarantee safety.
RWA AGENCY(RELIEF WEST (AFRICA),P.M.B.1171
BUSINESS PROPOSAL AND INVESTMENTS
PARTNERSHIP OF(US$42.5MILLION DOLLARS)
Good day to you and how is life with you and business?
First, I must Solicit your strictest confidence in
this transaction,this is by virtue of it's nature as
being utterly confidential and top secret as you were
introduced to me in confidence through the Nigerian
Chambers of Commerce, foreign trade division .
I am Dr.ABASS YAKUBU, the Foreign Liaison Officer of
the board of trustee of RWA Agency (Relief West
Africa). We were empowered to administer a trust fund
of well over five hundred million United States
dollars (US$500,000,000M) for the provision of relief
materials to troubled areas in the West African
Sub-region and her environs.
My group recently agreed, unanimously to transfer
fourty two million and five hundred thousand United
States dollars only (US$42.5M)into a foreign
based account for our personal use and benefits and
I have therefore been mandated as a matter of trust by
my colleagues on board to look for an overseas Partner
to whom we could transfer the sum of US$42.5M
legally subcontracting the entitlement to your
This is based on the fact that our civil
service code of conduct forbids us from owning foreign
company or running private foreign account while in
The simple mode of the transaction will be just for us
to apply for there lease of the funds to you or to
your company for welfare materials purportedly
supplied. We shall arrange all paper work and get
approval for the release of the funds with documentary
evidence of the communities and people in Liberia,
Sierra-Leone, Ruwanda, Guinea-Bissau, Zaire and
Nigeria, who have all benefited from the materials
purportedly supplied by You, early last year. We have
all records of purchases and supplies.
My group is very much ready to effecting the
remittance of the fund into a well secured or
corporate foreign account (individual or corporate)
operated by a trust worthy person, as all logistics
are already in place and all modalities worked out for
the smooth conclusion of the transaction within seven
to ten working days upon commencement on receipt of
your (Company name, Address, Company's details,
activities & your direct confidential telephone and
fax line for correspondence).
This information will enable us make the necessary
applications and lodge claims to the concerned
authorities in favour of your Company and it is
pertinent to state here that this transaction is
entirely based on trust as the solar bank draft or
certified cheque drawable will be made in your name
and we wish to commence an importation business of
agro-allied machineries in conjunction with you.
Your assistance or partnership will certainly be
rewarded with a 30% share ratio of the total sum of (
US$42.5M). We shall have 65%, While 5% will be used
to reimburse both parties for any expenses incurred in
the course of consummating this deal. It is important
to state here, that no risk of any sort is involved,
now or in future since both parties will be protected
by a legally signed agreement.
Please, note that an invoice shall be raised to meet
the cost of materials purportedly supplied by You to
the tune of (US$42.5m) and forwarded to the office of
the Chief Accountant of RWA Agency after the final
approval has been given by me for payment.
The materials are cloths of various kinds (children &
Adults), rice, soya beans, milk, sugar, ort salt,
drugs,blankets, footwears, boots, syringe and needles,
epz vaccines, tarpulinetents, e.t.c.
Please acknowledge the receipt of this letter via e-
Thank you very much and take it that, Confidentiality
is our greatest
motto.you can reach me on my private phone no
234-80-23338675, for more disscusion.
N.B. Bank Account Details not necessary as preferred
mode of payment is by draft or cheque.--
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